CNBC Daily Open: The U.S. and Canada exchange blows over tariffs, churning markets

CNBC will be hosting "CONVERGE LIVE," an inaugural thought leadership event on March 12-13, 2025, in Singapore, where global business leaders, entrepreneurs, investors and key decision-makers will discuss what it means to innovate and grow by collaborating and sharing ideas across industries.

Viewers can watch the live stream of the event and hear from speakers including Singapore's Deputy Prime Minister Kim Yong Gan, Alibaba Group Chairman Joe Tsai, Bridgewater Associates Founder Ray Dalio, and Salesforce CEO, chair, and co-founder Marc Benioff and others here .

The White House engaged in a heated — but brief — tariff skirmish with Canada, doubling levies on its northern neighbor's steel and aluminum imports to 50% at one point. That was in response to Ontario Premier Doug Ford saying he would impose a 25% surcharge on electricity exports to the U.S.

But cooler heads prevailed, and the trade war has been suspended temporarily. Despite the resolution, investors were unsettled by the constant ruction over tariffs and sold off stocks, dragging down S&P 500 to correction territory during the trading session.

Highlights of CNBC's CONVERGE LIVE
CNBC is hosting CONVERGE LIVE in Singapore on Wednesday and Thursday. Highlights of the event so far include Bridgewater founder Ray Dalio telling CNBC's Sara Eisen in Singapore that U.S. debt problems could have "shocking developments" on the global economy; Alibaba Group Chairman Joe Tsai saying that people "underestimate" the importance of Chinese President Xi Jinping's meeting with entrepreneurs last month; and Pimco Asia-Pacific Managing Director Alec Kersman noting the risk of a U.S. recession has increased because of tariffs. Follow the action live here.

Markets' downward slide