The S&P/TSX Composite Index fell 1.1% to close at 36,123 as financial, industrial and technology shares declined. Canada’s retaliatory tariffs on U.S. goods took effect on $20 billion of imports, with duties ranging from 15% to 50% on steel, furniture, clothing and electronics. The U.S. tariffs introduced last month covered $20 billion, or 5%, of Canadian exports. President Trump said Bombardier would not be allowed to sell planes in the U.S. unless it began manufacturing there. Financial stocks were pressured as oil prices rose amid an escalation in the U.S.-Iran war, increasing concerns about energy disruptions and inflation while strengthening expectations for interest-rate hikes. RBC fell 1.1% and TD Bank declined 1.2%. Technology shares followed losses among U.S. hyperscalers (large-scale cloud and computing companies) and other software companies sensitive to credit conditions, with Shopify tumbling 7.8% and Constellation Software falling 5.6%. Enbridge gained 0.5% after announcing that CEO Greg Ebel will retire by late 2026 and be succeeded by Michele Harradence.