Stock markets tumble

North American stock markets fell in late-morning trading as the trade war between the U.S. and China escalated.

The S&P/TSX composite index was down 161.00 points at 16,136.55.

In New York, the Dow Jones industrial average was down 606.41 points at 25,335.96. The S&P 500 index was down 68.81 points at 2,812.59, while the Nasdaq composite was down 252.15 points at 7,664.79.

The Canadian dollar traded for 74.33 cents US compared with an average of 74.53 cents US on Friday.

The June crude contract was up 35 cents at US$62.01 per barrel and the June natural gas contract was up 0.7 cents at US$2.63 per mmBTU.

The June gold contract was up US$11.00 at US$1,298.40 an ounce and the July copper contract was down 6.05 cents at US$2.71 a pound.

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