TORONTO — Canada’s main stock index was down more than 100 points in early trading, while U.S. stock markets were mixed as China hit back with a tariff increase of its own on the U.S.

The S&P/TSX composite index was down 140.14 points at 22,366.76.

In New York, the Dow Jones industrial average was down 253.61 points at 37,391.98. The S&P 500 index was down 15.23 points at 4,967.54, while the Nasdaq composite was up 70.96 points at 15,338.87.

• S&P 500 market updates here

The Canadian dollar traded for 70.58 cents US compared with 70.44 cents US on Tuesday.

The move on the markets came as the latest set of U.S. tariffs, including a 104 per cent charge on Chinese imports, came into force. China has responded by raising its retaliatory tariff on the U.S. to 84 per cent, up from 34 per cent, effective Thursday.

Stock markets have been falling since Trump announced plans for so-called reciprocal tariffs last week. The move imposed higher import tax rates on dozens of countries around the world, prompting increased fears of a global recession due to the trade war.

This report by The Canadian Press was first published April 9, 2025.