BEFORE THE BELL: China-US trade war kicks up a notch with new tariffs taking effect; Oil rises higher as OPEC refuses to meet growing need
Global markets are responding as new tariffs between China and the US kick in today. China is getting hit with tariffs on over $200 billion in products, and is retaliating with its own sanctions against $60 billion in US products. Asian markets dipped from the weight of trade war escalation and experts say the North American markets will feel the same pressure.
Oil is also putting weight on the markets after OPEC decided to keep production nominal despite a growing need for crude as Iranian oil dries up under US sanctions. The price of US crude is gaining to 71.90 a barrel.
Despite being tied to the energy sector, the Loonie is dipping to 77.23 cents US as a NAFTA deal deadline looms.
Canadian company Barrick Gold is solidifying its top spot with a new merger. The company is taking over Rangold Resources pushing its value to just over $18 billion.