Major U.S. and Canadian stock indices sank in Thursday trading the day after U.S. President Donald Trump unveiled his tariff plan targeting more than 180 countries, but not Canada and Mexico. The tech-heavy Nasdaq Composite fell 6 per cent, while the Dow Jones Industrial Average saw a 4 per cent fall. Canada’s TSX/S&P Composite index fell 3.8 per cent. (The Logic)

Talking point: After a tumultuous few weeks, the S&P 500 plunged nearly 5 per cent, marking its biggest one-day loss since the 2020 COVID-19 pandemic. Trump told reporters earlier Thursday that the market reaction to tariffs was “going very well,” adding “you’ve never seen anything like it. The markets are going to boom. The stock is going to boom. The country is going to boom.” The Canadian dollar, meanwhile, rose as traders learned that Canada and Mexico have so far been spared from U.S. tariffs on all USMCA-compliant goods. The Canadian-U.S. dollar exchange rate has risen 1 per cent over the past day, from 0.70 to 0.71.