BEFORE THE BELL: Trump makes China sweat with new tariff threat, eyes Japan next; Canada and US jobs numbers coming
An impending tariff threat on China is keeping investors on edge. Donald Trump is expected to slap China with tariffs on another $200 billion worth of imports after the public consultation period on the proposal ended yesterday. But, Trump isn’t giving any indication when this new round of tariffs could come into effect. China is warning it will come with retaliation.
Reports suggest Trump is now looking at Japan next on his trade hit list. Experts say the trade tension is weighing down global markets this morning.
Investors will look for a light at the end of the tunnel at least in Canada’s trade standoff with the US as NAFTA negotiations continue today.
Jobs reports expected on both sides of the border in North America this morning could be enough to distract investors from other economic issues.
US crude is slowly edging higher this morning to 67.93 a barrel. This comes after the price of oil slipped following reports of an unexpected increase in gas inventories last week.
As NAFTA negotiations blaze on the Loonie is gaining strength from Canadian optimism on the trade deal, growing to 76.17 cents US.
Shares in International Consolidated Airlines Group are down 3.5 per cent after it’s company British Airways was hit by a major cyberattack, with credit card information stolen from hundreds of thousands of customers. The attack reportedly ran over a two-week period.