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Canada's firm response to US tariffs has caused a significant drop in US stock prices, with the major indices experiencing a steep decline. In particular, Tesla's stock price has been halved.
Generated by AI AgentMarket Intel
Tuesday, Mar 11, 2025 1:30 am ET1min read
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Trump's tariff policy has caused market panic, leading to a sharp decline in the US's three major stock indexes, and Canada's new leader, Kiani, maintains a tough stance against the US.
Recently, US President Trump has been indecisive on tariffs against Mexico and Canada, triggering panic in the market. Canada's ruling party has elected a new leader, Kiani, to replace Trudeau. However, the US stock market suffered a heavy blow the day after Kiani's election.
On March 10, the three major stock indexes in New York City all fell. The Dow Jones Industrial Average fell 2.08%, the Nasdaq fell 4%, and the S&P 500 index fell 2.7%. Tesla's (TSLA.US) stock price plunged 15.43%, and its market value evaporated about 45% from its high in December 2024. Tech stocks such as NvidiaNVDA-- (NVDA.US), Apple (AAPL.US), Meta (META.US), Google, and Microsoft (MSFT.US) also fell sharply.
Despite Trump's delay in imposing tariffs on Mexico and Canada on March 6, Canada has not reciprocated by canceling its retaliatory tariffs. Kiani, the incoming Canadian prime minister, said he would continue to be tough on the US, and Ontario has even started to impose a 25% tariff on electricity exports to the US. British Columbia has also announced that it will stop selling alcoholic drinks made in the US.
Trump's refusal in an interview on September 9 to rule out the possibility of a US economic recession has further exacerbated market panic. Michael Arone, chief investment strategist of State Street Global Advisors, criticized Trump's government's economic policies as "crazy". Several analysts predict that the stock market will continue to fluctuate amid trade policy and inflation uncertainties.
BCAResearch, a global economic analysis company, expects the probability of a US economic recession to rise to 75% within the next three months. The Atlanta Fed predicts that the US GDP will shrink by 2.4% in the first quarter of 2025. Morgan Stanley and Goldman have also lowered their economic growth expectations, indicating that the US economy is facing serious challenges.
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