U.S. stocks drop after Trump ramps up his tariffs and worries flare about potential AI losers
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U.S. stocks slumped after President Donald Trump ramped up his newest tariffs, while investors continued to punish companies that could be losers in the artificial-intelligence revolution.
The S&P 500 sank 1 per cent Monday. The Dow Jones Industrial Average dropped 1.7 per cent, and the Nasdaq composite fell 1.1 per cent. Cybersecurity and software stocks fell to some of the market’s sharpest losses on worries AI-powered rivals could undercut their profits. The U.S. dollar’s value edged lower against other currencies, while gold continued to rise as Trump’s latest tariff move raised uncertainty. Bitcoin briefly fell below US$64,000 but remained above its low point reached earlier this month. Treasury yields sank.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
NEW YORK (AP) — U.S. stocks are falling Monday after President Donald Trump took little time to ramp up his newest tariffs, and as investors continue to punish companies that could be losers in the artificial-intelligence revolution.
The S&P 500 sank 1.2 per cent after Trump said on Saturday that he would place temporary 15 per cent tariffs on other countries. That’s up from the 10 per cent rate he had announced Friday in response to a Supreme Court ruling that struck down his sweeping “reciprocal” taxes on imports from around the world.
The Dow Jones Industrial Average was down 835 points, or 1.7 per cent, as of 2:34 p.m. Eastern time, and the Nasdaq composite was 1.3 per cent lower.
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
The Trump administration this week stepped up its ambitious effort to replace about US$1.6 trillion in lost tariff revenue that was eliminated by the U.S. Supreme Court’s decision to strike down a range of the president’s import taxes.
The Bank of Canada will be balancing a last-minute flood of economic data with uncertainty around trade and war in the Middle East as it prepares to make its second interest rate decision of 2026 this week.
The Trump administration has expanded its trade investigations to 60 countries, including Canada, in an effort to shore up the president’s tariff policies.
Canada has committed to supplying 23.6 million barrels of oil as part of a larger International Energy Agency plan to help stabilize energy markets as the war in the Middle East continues.
Canada’s energy-heavy index may cushion stocks from oil shocks, but rising crude prices could boost inflation and pressure consumers.
Venture Global will proceed with phase 2 of its CP2 liquefied natural gas project in Louisiana, the company said on Friday.
The U.S. is temporarily easing some sanctions on Russian oil shipments, reflecting global concerns over sharply higher crude prices due to supply shortages stemming from the Iran war.
Telus Corp.’s global IT and customer services arm says it’s investigating a breach of its systems.
When Jensen Huang strides onto the stage of a packed hockey arena to kick off Nvidia’s annual developer conference on Monday, he is likely to reveal products and partnerships geared toward keeping the AI chipmaker atop a growing array of competitors.
The current Canada Revenue Agency (CRA) crackdown on Canada’s growing army of gig workers has gone beyond Uber drivers, contractors, consultants, handy-people and freelancers.
The U.S. Trade Representative’s office said late on Thursday it had begun Section 301 unfair trade practices probes of 60 economies in relation to what it called failures to take action on forced labor.
Global equity funds recorded the largest weekly outflows since mid-December in the seven days to March 11 as disruptions to oil supplies stemming from the ongoing U.S.-Israel conflict with Iran stoked concerns about inflation and global economic growth.