Canadian Dollar Drops After Tariffs Imposed; US Stock Market Set to Decline
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.
The loonie was trading for 68.13 cents US, its lowest level against the U.S. dollar since 2003, compared with 69.04 cents US on Friday.
The futures market also pointed to large drops for U.S. stock markets when they begin trading this morning.
Over the weekend, Trump announced the U.S. would impose tariffs of 25 percent on Canadian goods and 10 percent on energy starting on Tuesday.
Canada has promised to retaliate with tariffs of its own starting with tariffs on $30 billion in U.S goods on Tuesday.
Ottawa plans to add another $125 billion in tariffs in 21 days on hundreds of other U.S. goods after consulting with industry.
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