Canadian Dollar and Business Outlook: Loonie tumbles ahead of tariff tiff

Trump slaps 10% levy on Cdn. aluminum

By MarketsFarm

WINNIPEG, Aug. 7 (MarketsFarm) – The Canadian dollar fell under 75 U.S. cents on Friday morning, ahead of the coming tariff battle between Canada and the United States.

As of 9:00 CDT, the Canadian dollar was at US$0.7479 or C$1.3372, compared to Thursday’s close of US$0.7523 or C$1.3292.

On Thursday, U.S. President Donald said he will re-impose the 10 per cent tariff on aluminum imports from Canada, citing national security concerns. The tariff had been removed when the U.S.-Mexico-Canada Agreement was implemented several weeks ago. The Canadian government responded to Trump by stating it will match the tariff dollar for dollar.

Benchmark crude oil prices were lower on Friday morning, due to concerns of weakening demand stemming from the surge in the COVID-19 pandemic. The declines were tempered by Iraq’s announcement from yesterday that it will further cut its oil production by an additional 400,000 barrels per day.

Brent crude oil lost 53 cents at US$44.56 per barrel. West Texas Intermediate (WTI) dropped 49 cents at US$41.46 per barrel. Western Canadian Select (WCS) dipped 31 cents at US$29.60 per barrel.

Gold was down US$17.55 at US$2,045.99 per ounce.

The TSX/S&P Composite Index was down 53.70 points at 16,525.40.

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