Loonie Plummets to 2003 Low Following Tariff Announcement

The Canadian dollar dropped to a 20-year low, reaching 68.13 cents US after tariffs were imposed by U.S. President Donald Trump. Trump's announcement included 25% tariffs on Canadian goods and 10% tariffs on energy, starting on Tuesday. Canada intends to retaliate with $30 billion in tariffs on U.S. goods effective immediately, with an additional $125 billion in tariffs in 21 days. The futures market predicted substantial declines in U.S. stock markets as trading commenced this morning.