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Global Markets: Trudeau names new cabinet

By MarketsFarm

WINNIPEG, Nov. 21 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– In Wednesday’s swearing-in of Canadian Prime Minister Justin Trudeau’s 37-member cabinet, Quebec MP Marie-Claude Bibeau was reappointed Agriculture Minister. Ontario MP Chrystia Freeland, who was born in Alberta, was shifted from Global Affairs to become Deputy Prime Minister and Minister of Intergovernmental Affairs, tasked with dealing with the country’s premiers. Maryam Monsef, also an Ontario MP, was named Minister of Rural Economic Development. Newfoundland MP Seamus O’Regan was named Minister of Natural Resources. Manitoba MP Dan Vandal is the lone Prairie MP appointed to cabinet, as Minister of Northern Affairs. Also, Manitoba MP and former cabinet minister Jim Carr, who is battling cancer, was named special representative for the Prairies.

– China stated on Thursday that it will do whatever it can to come to an agreement in trade talks with the United States. The move was to stem fears that the tentative Phase One deal and further negotiation were falling apart. Also, top U.S. trade officials were invited to Beijing for further talks. The U.S. responded it would only send their officials if they could secure firm agreements on some outstanding issues, including intellectual property, forced technology transfers and agricultural purchases. Should the U.S./China trade war drag on, reports stated it’s likely to trigger a global economic recession.

– With the strike by 3,200 workers at Canadian National Railway into its third day, the Canadian government is being pressured to intervene. Officials from the grain, potash, and oil industries, along with the Alberta government, stated continued rail movement is necessary. The federal government said it wants the union and CN to work out a new agreement. The members of the Teamsters Canada Rail Conference are demanding improved safety and scheduling of work hours, plus a drug prescription plan.

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