Global Markets: Canada’s trade deficit shrinks

WINNIPEG, March 27 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada has released data that shows Canada’s trade deficit shrank to $4.2 billion in January. Total exports rose 2.9 per cent to $47.6 billion, the first increase since July 2018. At the same time, total imports rose 1.5 per cent to hit $51.8 billion, buoyed mainly by aircraft and other transportation equipment.

– China is defending its decision to halt imports of Canadian canola, citing alleged safety concerns. The Chinese Foreign Ministry said China’s actions were “scientific and reasonable,” but added that Canada should “take practical measures to correct the mistakes it made earlier.” The Ministry further clarified that China hopes Canada can “get along with us to ensure the sound and steady development of China-Canada relations.” China’s move is widely suspected to be retaliation for Canada’s cooperation in the United States’ arrest of Meng Wanzhou, daughter of the founder of tech company Huawei. On Tuesday, Canadian Prime Minister Justin Trudeau mentioned the possibility of sending a delegation to China for further conversations.

– United Kingdom Members of Parliament will hold a series of Brexit votes on Wednesday, with 16 motions tabled. The Opposition Labour Party tabled alternative voting plans, instructing MPs to support a second referendum that proposes any Brexit deal must be ratified with a public vote.

– The United States trade deficit decreased nearly 15 per cent in January, as imports fell and exports rose. This data was in light of the trade war between the U.S. and China, as President Donald Trump imposed tariffs on $250 billion worth of Chinese imports, and China retaliated by targeting approximately $110 billion in American products.

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