The Globe and Mail reports in its Wednesday edition that the S&P/TSX Composite Index experienced its largest loss of the year on Tuesday, alongside declines in all three major U.S. stock indexes, following President Trump's new tariffs on Canada, Mexico and China. A Reuters dispatch to The Globe says the S&P 500 erased all gains since Mr. Trump's election, while the Nasdaq composite fell 0.4 per cent, briefly hitting a 10-per-cent decline considered a market correction. However, gains in tech giants like Nvidia and Microsoft helped mitigate those losses as some investors sought bargains. Innovator Capital Management's Tim Urbanowicz says: "Sentiment has shifted incredibly quickly from excitement about a new Trump administration to fear. Everyone had been focused on the pro-growth policies, and I don't think investors were taking him seriously when he talked about tariffs, but now that threat has materialized and created a growth scare." Financials in Toronto fell 2.8 per cent, with iA Financial down 6.1 per cent. Over all, the S&P/TSX composite ended down 429.57 points, or 1.7 per cent, at 24,572.00, its second straight day of steep losses. It was Toronto's lowest closing level since Jan. 13.