By Glen Hallick
Glacier Farm Media MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Canadian Prime Minister Justin Trudeau and the country’s premiers met in a virtual conference on Wednesday, discussing the tariff threat from the incoming Trump administration. Premiers representing the broad political spectrum urged Trudeau to tighten border security and increase defence spending to placate United States President-elect Donald Trump. On Monday, Trump said he would slap 25 per cent tariffs on all goods imported by the U.S. from Canada and Mexico effective Jan. 20.
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- Meanwhile, Mexican President Claudia Sheinbaum spoke with Trump by phone on Wednesday. Sheinbaum indicated the discussion was productive, with her explaining to him that Mexico won’t close its U.S. border to migrants. Rather, Sheinbaum said Mexico will “build bridges among governments and peoples” as well as “attending to migrants and caravans before they reach the border.”
- Russian President Vladimir Putin threatened on Thursday to target Ukraine’s “decision-making centers” in Kyiv with its new Oreshnik missiles. The intermediate range ballistic missile is said to be capable of carrying six warheads. Putin also said the recent Russian missile and drone attacks have in response to Ukraine launching long-range missiles that were made in the U.S. and the United Kingdom into Russia.
- Statistics Canada reported on Thursday that Canada’s current account balance (on a seasonal adjusted basis) narrowed to a C$3.2 billion deficit in the third quarter of 2024. That’s down by C$1.5 billion from the second quarter due to an increase in the investment income surplus. However, the Canadian current account balance has now posted nine-consecutive quarters of being in a deficit.
