The S&P/TSX Composite Index declined 1.1% to close at 36,123, weighed down by weakness in financial, industrial, and technology stocks. Canada’s retaliatory tariffs on US goods took effect, covering $20 billion worth of imports, with duties ranging from 15% to 50% on products including steel, furniture, clothing, and electronics. The US tariffs introduced last month targeted $20 billion of Canadian exports, equivalent to about 5% of total shipments to the United States.
President Trump said Monday that Bombardier (-1.5%) would not be allowed to sell planes in the US unless it began manufacturing there. Financials also came under pressure as oil prices rose amid an escalation in the US–Iran war, stoking concerns about potential energy supply disruptions and inflation and strengthening expectations for further interest rate hikes. Royal Bank of Canada fell 1.1%, and TD Bank declined 1.2%.
Technology stocks mirrored weakness in US hyperscalers and other credit‑sensitive software names, with Shopify tumbling 7.8% and Constellation Software sliding 5.6%. Enbridge gained 0.5% after announcing that CEO Greg Ebel will retire by late 2026 and be succeeded by Michele Harradence.
