Canadian Stock Market Plunges Amid Tariff Concerns; Trump Falsely Claims US Banks Barred from Canada

The Canadian stock market experienced a significant downturn on March 4, falling to its lowest level in nearly two months. This decline followed President Donald Trump's imposition of new tariffs on the United States' major trading partners. The Toronto Stock Exchange's S&P/TSX composite index dropped 1.8%, marking its worst day in over two months. All eleven sectors experienced losses, with energy, financial, and technology sectors leading the decline. President Trump also claimed on Tuesday that U.S. banks are barred from operating in Canada, while Canadian banks operate freely in the U.S. However, the Canadian Banking Association stated in February that sixteen U.S. banks are currently operating in Canada, offering diverse financial services and comprising half of all foreign bank assets in the country.