Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
– United States President Donald Trump said on Tuesday he would like to impose 25 per cent tariffs on automobile, semiconductor and pharmaceutical imports. Levies on automobiles would be put in place on April 2. The U.S. already collects a 2.5 per cent tariff on passenger cars, a two per cent tariff on buses and a 25 per cent tariff on pickup trucks from countries other than Canada and Mexico. Trump did not announce a preliminary date to enact tariffs on semiconductors and pharmaceuticals. Also on Tuesday, the U.S. Senate voted 51-45 to confirm Howard Lutnick as Trump’s new commerce secretary.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– Brazil’s government approved a motion on Tuesday to join OPEC+, the group of major oil-eporting nations, just nine months before hosting the United Nations’ annual climate summit. Brazil is the world’s seventh-largest oil producer with an output of 4.3 million barrels per day. Despite campaigning as an environmental defender, Brazilian president Luiz Inácio Lula da Silva asked the country’s environmental regulator to explore the possibility of drilling near the mouth of the Amazon River.
– Inflation in the United Kingdom rose to a 10-month high in January at three per cent, compared to 2.5 per cent the month before, according to the Office of National Statistics. Increases in the prices of airfares, food and private school fees were major contributors after the Labour government decided to impose a sales tax. The sudden rise lessens the chances of interest rate cuts by the Bank of England, whose target rate is two per cent.
– Loblaws announced on Wednesday it plans to open 80 new grocery and pharmacy stores across Canada this year, with 50 of them to be discount grocers. The company will invest C$2.2 billion this year into the new locations, while also renovating 300 existing grocery and pharmacy stores.
