Bay Street Likely To Start On Weak Note

(RTTNews) - Canadian shares look headed for a weak start on Wednesday after U.S. President Donald Trump pushed ahead with higher duties on roughly 60 trading partners that he dubbed the "worst offenders."

Asian markets fell and European stocks are down sharply. Crude oil prices are plunging, while the bullion is up sharply on safe-haven buying.

The latest set of U.S. tariffs, including a massive 104% levy on Chinese imports, and a 20% levy on European Union imports take effect today.

China's finance ministry said it will impose 84% tariffs on U.S. goods from Thursday, up from the 34% previously announced.

Canadian stocks failed to hold early gains and settled notably lower on Tuesday. Stocks initially benefitted from optimism about negotiations on U.S. President Donald Trump's new tariffs, but buying interest waned as the day progressed amid concerns about rising tensions between the U.S. and China.

The S&P/TSX Composite Index slumped 352.56 points or 1.5 percent to 22,506.90, hitting its lowest closing level since last August.

Asian stocks resumed losses on Wednesday as U.S. President Donald Trump pressed ahead with sweeping new global tariffs, including over 100 percent in levies against Chinese goods.

European stocks are down sharply today as selling resumed amid rising fears of a global recession as U.S. tariffs, including a 20% levy on European Union imports and a massive 104% levy on Chinese imports taking effect today.

In commodities trading, West Texas Intermediate Crude oil futures are down $3.39 or 5.69% at $56.19 a barrel.

Gold futures are up sharply at $3,081.20 an ounce, gaining $91.00 or 3.03%, while Silver futures are gaining $0.804 or 2.71% at $30.490 an ounce.