Glacier FarmMedia — The following is a glance at the news moving markets in Canada and globally.
- United States President Donald Trump signed an executive order on Thursday raising the tariff on Canadian goods to 35 per cent, from 25 per cent. Most Canadian exports fall under the Canada-U.S.-Mexico Agreement (CUSMA) and can still enter the U.S. tariff-free. “While the Canadian government is disappointed by this action, we remain committed to CUSMA, which is the world’s second-largest free trade agreement by trading volume,” said Prime Minister Mark Carney in a statement. While application of CUSMA means average U.S. tariffs for Canadian goods remains low compared to other U.S. trading partners, “other sectors of our economy — including lumber, steel, aluminum and automobiles — are, however, heavily impacted by U.S. duties and tariffs,” said Carney.
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Glacier FarmMedia — The following is a glance at the news moving markets in Canada and globally. Canada’s gross…
- Trump also signed an executive order placing tariffs of 10 to 41 per cent on dozens of other countries. While the Canadian tariffs come into effect on Aug. 1, the tariffs for the 69 countries listed in the “Further Modifying the Reciprocal Tariff Rates” order will take effect on Aug. 7.
- OPEC+ is expected to approve another oil output increase this weekend, although analysts are unsure how large the hike will be. After slowing production in recent years to support prices, the group that accounts for about half of the world’s oil has been increasing output to regain market share.
- A lack of major weather concerns across the Midwest remained a bearish influence on the U.S. grain and oilseed markets Friday morning, with Canadian canola also under pressure to start the day.
