New Canadian leader Mark Carney said, "In trade, as in hockey, Canada will win." The stock market took a significant tumble as the Canadian province of Ontario announced a 25% surcharge on electricity consumed by the United States in response to President Trump's 25% tariffs on goods imported from Canada.

The U.S. stock market is falling further following President Donald Trump’s latest escalation in his trade war, briefly pulling Wall Street 10% below its record set just a few weeks ago.

Trump threatened to double the tariff on Canadian metals after the leader of Ontario put a surcharge on energy sales to the U.S. Meanwhile, the House of Representatives narrowly passed a short term government funding bill and Ukraine approved a potential 30 day ceasefire plan.

A major sell-off of stocks on Wall Street continued Tuesday on the heels of an intensifying trade war between the U.S. and Canada.

The selloff on Tuesday extended a days-long market decline touched off by U.S. tariffs imposed last week on Canada, Mexico and China, some of which were delayed.