Global Markets: Carney imposes tariffs to protect Canadian steel industry

Attempting to stymie imports of cheap foreign steel

Reading Time: 2 minutes

Published: 6 hours ago

By Glen Hallick

 

Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

 

  • Canadian Prime Minister Mark Carney announced on Wednesday that 50 per cent tariffs will be slapped on imports of cheap foreign steel in order to bolster domestic production. Carney said the levies are to discourage companies from buying steel from countries that don’t have a free trade agreement with Canada, such as China and Turkey. Also, 50 per cent tariffs will be imposed on steel from countries with trade agreements with Canada should the imports exceed those in 2024.
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  • Retail sales in the United States climbed 0.6 per cent in June from a 0.9 per cent drop in May, the Department of Commerce reported on Thursday. Ahead of the report, analysts predicted a 0.2 per cent increase in June. Spending at car dealerships led the turnaround with a 1.2 per cent hike last month.

 

  • After U.S. President Donald Trump said Coca-Cola would switch from high-fructose corn syrup to real cane sugar in its flagship drink, the country’s Corn Refiners Association criticized the move. ”Replacing high fructose corn syrup with cane sugar would cost thousands of American food manufacturing jobs, depress farm income, and boost imports of foreign sugar, all with no nutritional benefit,” said its president and CEO John Bode.

 

  • The U.S. Department of Agriculture issued its export sales report on Thursday and for the week ended July 10, current crop wheat came in at 494,400 tonnes. U.S. corn export sales added up to 97,600 tonnes of old crop and 565,900 tonnes of new crop. Soybeans were 271,900 tonnes of old crop and 529,600 of new crop. Also those for soymeal tallied 356,500 tonnes old crop and 174,000 of new crop, plus soyoil had 7,900 tonnes.

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