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Global Markets: China strikes back with tariff hikes

By MarketsFarm

WINNIPEG, August 23 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– In the latest turn in the United States/China trade war, on Friday China announced it will impose tariffs of five to 10 per cent on approximately US$75 billion of U.S. goods in two stages, on September 1 and December 15. This came after U.S. President Donald Trump said he would hike tariffs on Chinese imports by 10 per cent on September 1. Trump later said some tariffs would be delayed until December 15, following trade talks between the two countries. Negotiations have been ongoing by teleconference with hopes of future face-to-face meetings.

– After stating on Thursday that Brazil lacked the resources to fight more than 75,000 fires in the country’s rainforest, on Friday President Jair Bolsonaro demanded the international community stay out of Brazil’s contentious issue. This came after the United Nations Secretary General, the Bishops Conference for Latin America, and several world leaders expressed their concerns about the vast amount of rainforest fires. On Wednesday, Bolsonaro accused non-governmental organizations of setting the fires, despite a complete lack of evidence.

– Pro-democracy protests in Hong Kong continued Friday, showing no signs of letting up. Demonstrators formed a human chain at Hong Kong’s airport, impeding road and rail traffic. The protests started almost three months ago in opposition to a law that would have allowed extraditions from Hong Kong to China, and evolved into a pro-democracy movement. A former United Kingdom colony, Hong Kong has been largely autonomous within China in the ‘two-systems, one-country’ model since 1997.

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