(fxcue news) - The Canadian market is down in negative territory around noon on Thursday amid rising concerns over fresh tariffs, and on fears of recession in the U.S. and Canada. Tariff worries keep investors on the edge after Canada and the EU swiftly retaliated against U.S. steel and aluminum tariffs and President Trump vowed to respond to the countermeasures. After U.S. President Donald Trump slapped new tariffs on steel and aluminum exported by Canada into the U.S., the Canadian government announced retaliatory tariffs on $29.8 billion of U.S. goods. ' Technology, healthcare and consumer discretionary stocks are among the notable losers. Financials and consumer staples stocks are also mostly weak, whle materials stocks are moving higher. The benchmark S&P/TSX Composite Index is down 155.64 or 0.64% at 24,267.70 about a quarter past noon. Molson Coors Canada Inc. is tanking more than 13%. Propel Holdings is down nearly 10%. E-L-Financial Corporation is declining 8%. Shopify Inc., BRP Inc., Cargojet, goeasy, Gildan Activewear, Richelieu Hardware, Celestica and Bombardier Inc. are down 3 to 5%. MTY Food Group, RB Global, Dayforce, Aritzia Inc., Toromont Industries, Premium Brands Holdings Corporation and Cameco Corporation are also down sharply. Empire Company Limited shares are down nearly 3%. Empire reported third-quarter net earnings of $146.1 million ( $0.62 per share) compared to $134.2 million ( $0.54 per share) last year. Transat A.T. is plunging nearly 9% after reporting adjusted net loss of $75 million, or $1.90 per share, for the first quarter, compared with an adjusted net loss of $76 million, or $1.97 per share, a year earlier. First Quantum Minerals is soaring nearly 11%. Birchcliff Energy, First Majestic Silver Corp., Newmont Corporation, Aura Minerals, SSR Mining, Velan Inc. and Endeavour Mining are gaining 4 to 8%. Eldorado Gold Corporation, Aya Gold & Silver, Seabridge Gold, Osisko Gold Royalties, MAG Silver Corp, Wheaton Precious Metals, Barrick Gold Corporation and Kinross Gold are rising 3 to 4%. Data from Statistics Canada said the total value of building permits slipped by 3.2% month-over-month to $12.8 billion in January 2025, following an upwardly revised 11.6% jump in the prior month.