Global Markets: Leblanc, Lutnick have ‘constructive’ meeting

Reading Time: 2 minutes

Published: 7 hours ago

Glacier FarmMedia – The following is a glance at the news moving markets in Canada and globally.

– Canadian Trade Minister Dominic Leblanc and United States Commerce Secretary Howard Lutnick had a “constructive and lengthy” meeting in Washington, D.C. on Tuesday morning. A source told CBC News that the meeting was extended from one hour to 90 minutes and the Canadian side was “optimistic” following the meeting. Canadian Prime Minister Mark Carney announced on Aug. 22 that Canada will drop retaliatory tariffs on U.S. products to match American trade exemptions for goods covered under the Canada-U.S.-Mexico Agreement.

Read Also

Global Markets: Canada, Mercosur to restart trade talks

Glacier FarmMedia – The following is a glance at the news moving markets in Canada and globally. – Canada will…

– U.S. tariffs on Indian imports were officially doubled today to 50 per cent, the highest the U.S. charges across all countries. The new levies seem to be punishment for India purchasing Russian oil and supporting the country in its war with Ukraine. However, India said the U.S. is unfairly penalizing the country as China, the world’s largest buyer of Russian oil, is seeing 30 per cent surcharges on its goods. So far, 25 countries including India, France, the United Kingdom, Australia and Japan said they will suspend package deliveries to the U.S. due to tariffs.

– Saskatchewan Premier Scott Moe said to reporters on Tuesday he would like to see the federal government remove tariffs on Chinese electric vehicles. China implemented a 75.8 per cent tariff on Canadian canola seed earlier this month, which many believe was retaliation for Canada issuing tariffs on Chinese EVs months ago. However, Moe added that it must be done without upsetting Trump. Moe is set to go on a trade mission to Beijing next week.

– The U.S. Department of Agriculture said there is no risk to the farm sector after a human case of New World screwworm was detected in Maryland on Aug. 4, but wasn’t revealed to the public until Aug. 25. The person was returning to the U.S. from El Salvador and has since fully recovered. The flesh-eating parasite, which affects livestock, has moved northward from Central America and into southern Mexico. A potential outbreak in Texas could cost the state’s cattle industry nearly US$2 billion, according to estimates.

About the author

GFM Network News

GFM Network News

Glacier FarmMedia Feed

Glacier FarmMedia, a division of Glacier Media, is Canada's largest publisher of agricultural news in print and online.

explore

Stories from our other publications