Global Markets: China places more tariffs on U.S. goods

By Commodity News Service Canada
WINNIPEG, Aug 3, 2018 (CNS) – The following is a glance at
the news moving markets in Canada and globally.
Canada’s merchandise trade deficit lowered to C$626
million in June, down C$2.7 million from July, according to
new data released by Statistics Canada. This was lower than
forecasted following the United States’ tariffs on steel
and aluminum. The surge was led by record high exports from
oil producers and aircraft makers. Exports rose 4.1 per
cent to a record US$50.7 billion.

China announced retaliatory tariffs on US$60 billion
worth of U.S. goods on Friday. The tariffs range from
liquefied natural gas to some aircraft and warned of
further measures, signaling that China won’t back down in a
protracted trade war with Washington. The tariffs are on
5,207 goods imported from the U.S., ranging from five to 25
per cent. The timing of when they come into force will
depend on the actions of the U.S., according to China.
U.S. job growth slowed more than expected in July as
transportation and utilities employment fell, according to
new data from the U.S. Labor Department. However the drop
in the unemployment rate could hint that the labour market
is starting to tighten. Nonfarm payrolls increase by
157,000 jobs in June. The economy created 59,000 more jobs
in May and June than previously reported, but needs to
generate about 120,000 jobs per month to keep up with
population growth.

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