By MarketsFarm
WINNIPEG, May 7 (MarketsFarm) The Canadian dollar was weaker on Tuesday morning, among global market uncertainty between the world’s two largest economies.
At 8:45 CDT Tuesday morning, the Canadian dollar was at US$0.7422 or C$1.3453, which compares with Monday’s North American close of US$0.7432 or C$1.3456.
Chinese vice-premier and head negotiator Liu He will travel to Washington this week along with other delegates to further discussions on a trade agreement between the United States and China. Whether He would make the trip to Washington was thrown into question following tweets from President Donald Trump that threatened a raise tariffs by the end of this week.
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“We expect the situation to de-escalate as the issue seems solvable and Liu He, China’s lead negotiator, is continuing with his plans to travel to Washington D.C. for talks this week,” said Oxford Economics economist Louis Kuijs to Reuters.
“Nonetheless, the probability of renewed escalation of the U.S.- China trade war has risen substantially, which would be a drag on their respective economies, especially on China.”
Bernadette Jordan, Canadian Rural Economic Development Minister, said Canada would welcome any help the U.S. could offer in settling the trade dispute with China, according to the Canadian Press.
“It’s different times now in the world than we’ve faced even four years ago. We see challenges all around the world. And we will continue, as a government, to stand up for our Canadian products,” said the cabinet minister from Nova Scotia.
The TSX lost at 8:45 CDT, down 135.41 points at 16,358.05.
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