Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
– The Bank of Canada announced Wednesday morning it cut its key interest rate by 25 basis points at 2.75 per cent. Most economists expected the move amidst the imposition of tariffs from the United States. It is the seventh straight time the BoC cut its rate dating back to June. In January, the country’s inflation rate increased to 1.9 per cent, below the bank’s two per cent target.
– Reuters reported on Wednesday that Canada will retaliate against the U.S. by slapping tariffs on C$29.8 billion worth of exports. Earlier today, U.S. President Donald Trump imposed 25 per cent levies on steel and aluminum imports. On Tuesday, after Ontario Premier Doug Ford announced a 25 per cent surcharge on electricity exports to three northern U.S. states, Trump threatened to raise the steel and aluminum tariffs to 50 per cent. Ontario then promptly retreated from its threat. Canada already placed levies on C$30 billion worth of American goods earlier this month.
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By Glen Hallick Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets…
– The European Union announced on Wednesday it will place retaliatory duties on C$40 billion worth of American industrial and farm products, ranging from textiles and crops to motorcycles and blue jeans. The EU also plans to impose tariffs on specific products from states with Republican state governments. The American Chamber of Commerce to the EU urged both sides to “de-escalate and find a negotiated outcome quickly”.
