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Loonie falls, S&P/TSX composite closes down nearly 300 points on tariff threat

TORONTO — Canada's main stock index closed down nearly 300 points while the loonie fell to its lowest level in more than two decades as Canadian exports to the United States face sweeping tariffs starting Tuesday.
The Canadian Press
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The Canadian dollar fell to its lowest level in more than two decades after U.S. President Donald Trump announced sweeping tariffs to be enacted Tuesday. Canadian dollar coins are displayed on a map along the border of Canada and the United States of America, in Montreal in a January 9, 2014, file photo. THE CANADIAN PRESS/Paul Chiasson

TORONTO — Canada's main stock index closed down nearly 300 points while the loonie fell to its lowest level in more than two decades as Canadian exports to the United States face sweeping tariffs starting Tuesday.

The S&P/TSX composite index ended down 291.34 points at 25,241.76 as sectors like industrials and financials were especially under pressure.

In New York, markets regained some lost ground on the day after news that Mexico had secured a reprieve on tariffs. The Dow Jones industrial average was down 122.75 points at 44,421.91, the S&P 500 index was down 45.96 points at 5,994.57 and the Nasdaq composite was down 235.49 points at 19,391.96.

The Canadian dollar traded for 68.48 cents US compared with 69.04 cents US on Friday.

The March crude oil contract was up 63 cents at US$73.16 per barrel and the March natural gas contract was up 31 cents at US$3.35 per mmBTU.

The April gold contract was up US$22.10 at US$2,857.10 an ounce and the March copper contract was up three cents at US$4.31 a pound.

This report by The Canadian Press was first published Feb. 3, 2025.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press