Global Markets: Thumbs up, down for federal aid for Canadian agriculture

China warns U.S. about new tariffs

By MarketsFarm

WINNIPEG, May 6 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Reactions were mixed on Tuesday after Canadian Prime Minister Justin Trudeau announced C$252 million in funding to assist the country’s farmers and food processors during the COVID-19 pandemic. Those in the potato industry praised the Trudeau government for its action. “We are encouraged by the Prime Minister’s appreciation of Canadian farmers and food producers, and the commitment to more funding if and when required,” McCain Foods President and CEO Max Koeune said in a press statement. However some farm groups, particularly grain farmers, were unhappy with the aid as it was just a tenth of the amount requested. “This relief package offers no resolution to our existing issues, which result from long-standing market access challenges, rail blockades, and 2019’s harvest from hell,” Grain Growers of Canada chair Jeff Nielsen stated in a press release.

– China issued a warning to the United States on Wednesday, stating trade tariffs shouldn’t be used as retaliation for China’s handling of the COVID-19 pandemic. The highly contagious disease first emerged in the Chinese city of Wuhan and there has been controversy over how the country’s government handled the outbreak. As the U.S. contends with the greatest number of reported cases and deaths, President Donald Trump has often accused China for being responsible the global spread of COVID-19. As of May 6, Johns Hopkins University reported there have been almost 3.7 million cases worldwide, with more than 258,000 deaths, and over 1.2 million people have recovered.

– Dr. Anthony Fauci, the director of the National Institute of Allergy and Infectious Diseases in the U.S. openly contradicted the Trump administration’s claim that COVID-19 was manufactured in a laboratory in China. “If you look at the evolution of the virus in bats and what’s out there now, [the evidence] is very, very strongly leaning toward this could not have been artificially or deliberately manipulated. Everything about the stepwise evolution over time strongly indicates that [this virus] evolved in nature and then jumped species,” Fauci said in an interview with National Geographic. President Trump and Secretary of State Mike Pompeo have repeatedly accused China of creating COVID-19, asserting they have evidence of such, but adamantly refuse to produce any of it.

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