MID-DAY: China-US trade war weights North American markets; unemployment rate increases in Canada
The China US trade war is weighing North American markets.
US tariffs on $34 billion worth of Chinese products came into effect this morning, followed by retaliatory tariffs from China. The Dow is up 49 points to 24,405 and the TSX is gaining 42 points to 16,309.
This follows a StatsCan report on over 30,000 new jobs being added to Canada in June, however more people were looking for work, pushing the unemployment rate to 6 per cent.
Canadian trade is drifting further apart as imports grew by 1.7 per cent in May while exports slid .1 per cent led by a drop in auto parts. Since US tariffs kicked in, the trade surplus with the US fell by 400 million to $3.29 billion.
The Loonie is growing to 76.34 cents US.
US crude is down to 73.35 a barrel.