RECAP | U.S. stock market sees worst day since 2020 as Trump’s trade war rattles global economy

The first full day of Trump's expanded trade war rattled the global economy today as world leaders quickly responded to new tariffs and shaken investors ran for the hills. Canada swung back with tariffs of its own, now totalling more than $95 billion worth of American goods.

We're wrapping up with this page, but you can scroll down for a recap of the day as it happened. Here are a few links if you're looking for more coverage on a particular topic:

• Overturning the economic world order will have consequences for the U.S. The question for Trump is whether he can stomach the cost.
• Carney warned Trump's move to levy tariffs on virtually every country will "rupture the global economy" and torpedo economic growth.
• After spending a few weeks pounding on Canada and Mexico, Trump turned his attention yesterday to a whole new target: the rest of Planet Earth.

And, finally, you can find the full list of countries facing American tariffs here.

See you tomorrow.

On a day the stock markets tanked, Trump flashed a new gold card with his face on it: a U.S. permanent-residency card, available for $5 million, which Trump is working to create.

"For $5 million this could be yours," he said, speaking to reporters on his way to Florida for the weekend. "The Trump card. Gold card."

Asked about the U.S. market’s worst day in years, he said "it’s to be expected.”

Several times today, Trump used an analogy to downplay the bloodbath in markets: that of an operation.

In this analogy, the U.S. economy was diseased, suffering from a chronic balance-of-payments deficit with other countries driven by too many imports of manufactured goods.

“It was a sick patient. It went through an operation," Trump said. “The operation’s over. And now we let it settle in.”

Now, in Trump's telling, the healing will begin.

He expressed an openness to negotiating with some countries, which is unsurprising given that he's already announced plans to do so with Canada after the federal election.

But he insists it would take "phenomenal" offers from countries to reconsider, as he truly intends these tariffs to drive manufacturing back to the U.S.

“Every country’s called us,” Trump said. “Now they’ll do anything for us.”

Rumours were circulating for days at the Stellantis assembly plant in Windsor about possible layoffs as soon as next week. It turns out the rumours were true.

A two-week shutdown starts next week, according to the company.

Mark Merkestyn was on his way in for his shift and I asked him what he thought the mood would be like tonight. "I think there's going to be a lot of rumours again, maybe a little bit more sombre mood," said Merkestyn.

He said he's expecting a "bumpy ride for a few months,” but he's not worried about his job in the long term.

Yousif Breesam is more stressed than his co-worker. "I am very worried," said the father of three, including a baby girl. It's hard for employees to make decisions about their lives right now, he said.

In the midst of a federal election where the tariff war is playing out on the campaign trail, Breesam had this message for the party leaders:

"I just don't want them to fight with each other. I want them to fight for Canada."

"We have one major problem which is Donald Trump. They all have to focus on how to support Canadians during this difficult time," he said.

Rita Clark was carrying cupcakes on her way into her shift to celebrate a co-worker's birthday.

She's hoping this is indeed just a two-week layoff and nothing longer. "You gotta have faith," she told me. "I don't want to live in fear."

I'm Jackie McKay, a reporter for CBC Indigenous based in Vancouver.

The Conservative Party is facing calls to drop another candidate over comments he made on social media about residential schools.

First Nations leaders in B.C. say the posts by Aaron Gunn, who's running in the riding of North Island-Powell River, show "denial of residential school impacts."

Gunn published posts on X between 2019 and 2021 denying that Indigenous people faced a genocide in Canada and said "residential schools were asked for by Indigenous bands."

Union of British Columbia Indian Chiefs Grand Chief Stewart Phillip called the posts "absolutely reprehensible and repugnant and completely devoid of any sense of compassion for Indigenous Peoples who suffered enormously through the residential school experience.”

"I don't think this man is fit for public office, whether it be federal or provincial or any office that allows him to continue to make these horrible statements," he said.

Terry Teegee, B.C. regional chief for the Assembly of First Nations, said the Conservatives should consider dropping Gunn.

CBC News made several attempts to contact Gunn for comment but has yet to hear back.

In a statement, a Conservative Party campaign spokesperson said: "Aaron Gunn has been clear in recognizing the truly horrific events that transpired in residential schools, and any attempt to suggest otherwise is simply false."

The Conservatives have dropped four candidates this week, three of them for controversial comments.

So, where are we at for retaliatory tariffs?

The duties on U.S. vehicles and auto parts will affect about $35.6 billion worth of American goods. Before that, the Canadian response to its steel and aluminum being subject to a 25 per cent levy was to tax $29.8 billion in U.S. goods, mostly metal products, as well as information technology equipment.

The first $30 billion came on March 4 after the U.S. justified tariffs by pointing to illegal fentanyl trafficking and cross-border migration, which coming from Canada have been found to be relatively minimal. Those tariffs are imposed on U.S. clothing, alcohol, orange juice and appliances, among other goods.

In all, we're approaching $100 billion worth of U.S. goods being hit by retaliatory tariffs from Canada.

Not a good day for U.S. markets, which had their single-biggest wipeout since March 2020.

The Nasdaq — home to many major tech stocks — was down six per cent by the time markets closed at 4 p.m. ET. The S&P 500 was down almost five per cent at close, and the Dow Jones Industrial Average was down over 1,600 points, or four per cent, by the end of the trading day.

Wedbush Securities analyst Dan Ives told my colleague Meegan Read that if Trump’s tariff strategy isn’t part of a negotiating tactic, then it’s an “economic armageddon.”

“This is a self-inflicted wound,” he said.

Trump's past behaviour suggests he always needs to feel like he's made a deal. And provincial premiers aren't the only ones who've floated the notion that it might be in Canada's best interest to cut Mexico loose.

After speaking with Trump last week, Carney told reporters it wasn't clear whether Mexico would be included in tariff negotiations with the U.S. following Canada's election. Carney said it would be “Canada’s preference” to have Mexico at the table, but his remarks suggested an entirely new partnership with the Americans might need to take shape.

I asked Singh today for clarification on whether the federal NDP agrees with the business leaders and politicians in the "throw Mexico under the bus" camp.

Does Singh line up with populist, protectionist trade skeptics? Apparently — and somewhat surprisingly — no.

"We want to be in solidarity with Mexico," he said. Both countries are being "unjustly, unfairly" targeted, Singh said, as Trump violates the trade agreement he signed.

"We should show solidarity in fighting back together," he said.

On Wednesday in Winnipeg, Jagmeet Singh told reporters that he wasn't in favour of an early renegotiation of CUSMA.

"There's been no reason for it, no cause for it," he said. "We should go to 2026." (That's when the three-country North American trade agreement comes up for a mandatory review.)

Singh said Canada should "fight back" to get tariffs removed. That sets the federal NDP leader apart from other leaders (premiers Ford and Legault, come on down!) who have suggested the best path out of this trade war is, in fact, an early renegotiation — ideally with the U.S. alone.

On the subject of retaliatory tariffs, we're starting to hear from Canada's automotive industry, which is mostly concentrated in Windsor, Ont. Earlier today, as Jenna mentioned, the major assembly plant run by Stellantis paused its activities for two weeks, affecting roughly 3,200 workers.

Now, the CEO of Global Automakers of Canada has made a statement on the Canadian response to U.S. auto sector tariffs, urging the federal government to take a number of steps to soften the blow.

"The Government of Canada must seek to secure continued free trade movement of vehicles and parts across North America through the ongoing implementation" of CUSMA," David Adams said in the statement.

Adams is also asking the government to pause a number of regulations, including electric vehicle mandates and the luxury tax on vehicles over $100,000 before GST/HST. He also called on government leaders to consult the auto industry before taking further trade action and in any renegotiation of CUSMA.

The B.C. premier was also asked about ex-Reform leader Preston Manning's op-ed arguing that a federal Liberal victory would fuel a Western separatist movement.

“To have an op-ed at this moment that the path forward is to break up the country is bizarre," Eby said, noting that he has never seen Canadian patriotism as high as it is now.

"I hope that Mr. Manning reconsiders his reintroduction into Canadian life with this particular proposal," he said. "I just can't fathom that mindset."