By Glen Hallick
Glacier Farm Media | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- United States President Donald Trump said on social media Monday that he will make an announcement at 1 p.m. CDT on Tuesday. Although it’s unclear as to exactly what Trump will say, reports said it involves the Department of Defense. Also today, U.S. lawmakers return to Capitol Hill with political battles to be fought over deep spending cuts, the Jeffrey Epstein files and Trump’s use of the National Guard.
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- The U.S. Court of Appeals ruled seven-to-four on Friday that President Trump exceeded his authority in imposing many of his tariffs by claiming a national emergency. The ruling applied to Trump’s 10 per cent baseline tariffs and reciprocal tariffs on dozens of countries. The administration said it will appeal the decision to the Supreme Court.
- Statistics Canada reported on Tuesday production of crude oil and equivalent products increased 4.3 per cent in June at 24.9 million cubic metres. That month oil sands extraction jumped 4.5 per cent at 16.3 million cubic metres, after falling back 3.6 per cent in May. Crude exports dropped 8.7 per cent at 18.6 cubic metres, largely due to reduced pipeline volumes.
- Chinese President Xi Jinping hosted Russian President Vladimir Putin and Indian Prime Minister Narendra Modi on Monday as the three countries move closer together as a counterweight to the U.S. The troika was part of a 20-country Shanghai Co-operation Organization summit in Tianjin. For decades, high tensions and military clashes highlighted India-China relations, which have now been set aside as the two countries contend with U.S. tariffs.
