Canada’s main stock index rebounded sharply Wednesday after U.S. President Donald Trump’s unexpected tariff rollback eased fears of a global trade war. The Toronto Stock Exchange’s S&P/TSX Composite Index surged 1,220 points, or 5.4%, recovering from four straight days of losses. The S&P/TSX 60 Index also climbed 69 points, or 5.1%.
Earlier in the day, over 180 countries were hit with steep reciprocal tariffs, including 46% on Vietnam, 24% on Japan, and 32% on Taiwan. However, Trump later reduced tariffs to 10% for most countries for 90 days, offering a window for trade negotiations. China, facing higher tensions, saw its tariff rate rise from 104% to 125% after it imposed new duties on U.S. goods.
Wall Street also rallied. The Dow Jones soared 2,962.9 points (7.9%)—its first time crossing 3,000 points in a single day. The S&P 500 jumped 474 points (9.5%), its best performance since 2008, while the NASDAQ surged 1,857 points (12.2%), marking its second-largest gain on record. This rebound followed a sharp four-day decline where the Dow lost over 4,500 points, and the Nasdaq dropped more than 13%.
Oil prices, which had fallen to four-year lows amid escalating trade tensions, reversed course. Brent crude rose 2.9% to $65.72, and WTI climbed 0.5% to $63.04. Despite this rebound, oil remains down nearly 20% since April 2.
Gold, typically a safe haven, edged lower as investors shifted back to equities. Spot gold dipped 0.2% to $3,078.32 an ounce, while futures fell 0.3% to $3,092.12.
The easing of tariff pressures sparked investor optimism and restored confidence across global markets.
