Canadian Dollar and Business Outlook: The impact of Trump’s far-reaching tariff plan
As loonie soars, other markets tumble
By Glen Hallick
Glacier FarmMedia MarketsFarm – The Canadian dollar was stronger on Thursday morning in the aftermath of United States President Donald Trump’s latest tariff plans announced yesterday.
As of 8:46 am CDT, the loonie was at US$0.7118 or US$1=C$1.4047 compared to Wednesday’s close of US$0.6983 or US$1=C$1.4320. On the U.S. Dollar Index, the greenback plummeted 2.166 points at 101.330.
Trump’s reciprocal tariffs include a 10 per cent baseline levy on all countries as of Saturday and a 25 per cent duty on all automobiles. Canada and Mexico will be tariffed based on what is and isn’t covered by the CUSMA trade deal negotiated during Trump’s first term.
Benchmark crude oil prices tumbled on Thursday morning, weakened by Trump’s tariffs, with supply concerns largely unable to stem the declines.
Brent crude oil lost US$4.77 at US$70.18 per barrel and West Texas Intermediate retreated US$4.88 at US$66.83.
Shortly after the TSX/S&P Composite Index opened, it plummeted 652.65 points at 24,654.53.
Gold fell US$79.20 at US$3,087.00 per ounce.
