‘Tough days ahead’: How Canada’s leaders reacted to Trump’s market chaos

Liberal Leader Mark Carney said Trump’s trade actions have 'significantly' raised the probability of a recession in the U.S., and of 'significant effects' on Canada's economy.

As global stock markets continued to plunge on Monday, Canada’s federal party leaders took aim at the trade war launched by U.S. President Donald Trump while pledging support for Canadians to “weather the storm.”

The start of the third week of election campaigning was clouded by global financial turmoil as economic uncertainty caused by the U.S. tariffs persists in Canada and across the world.

Canada’s main stock index was down more than 500 points in late-morning trading, while U.S. stocks also continued to post big losses after Trump’s tariff announcement last week.

Monday’s losses come on the heels of big declines on Thursday and Friday after Trump announced a sweeping round of global tariffs Wednesday evening, adding fuel to concerns that a recession is on the way.

Liberal Party Leader Mark Carney called Monday a “volatile day,” saying the market turmoil was a direct consequence of Trump’s “unjustified tariffs” against Canada and other countries.

“The world woke up to some pretty dramatic moves and they’re ongoing in financial markets,” Carney said at a campaign stop in Saanichton, BC.

“This is what we have been concerned about and indeed, this is what we’ve been trying to warn the president of the United States about.

“I’m not going to sugarcoat it, there may be some tough days ahead for Canadians, but I also want to reassure that we are prepared.”