Marketwatch: Canada Pressures US on Metal Tariffs

MARKETWATCH – According to Prime Minister Justin Trudeau on Thursday, Canada is forming partnerships with politicians and businesses in the United States. Moreover, this is primarily to pressure President Donald Trump in withdrawing tariffs on the steel and aluminum of Canada.

Last May, Trump implemented the measures with national security as a primary basis. Meanwhile, Canada criticized Trump’s decision and initially hinted that it would sign the new continental trade pact with the US and Mexico. The country would only pursue if Washington withdraws the sanctions.

However, Trudeau failed to ink the U.S.-Mexico-Canada (USMCA) agreement last November. He stated that the government has been attempting to change Trump’s mind. Further, this is amid the preparation of the United States in beginning the ratification of the pact.

“We have already been working with members of Congress, with governors, with business interests who are being affected negatively by these tariffs … to put pressure on the President that in the process of ratification, they (the United States) should remove those steel and aluminum tariffs,” he said.

marketwatch, Marketwatch: Canada Pressures US on Metal Tariffs
Oil fell on Friday amid the emerging concerns about the global outlook

Trump told his remarks in a televised session in Regina, Saskatchewan.

During the interview, Trudeau was asked as to why he had still signed the USMCA with the tariffs still in place. He responded, securing the deal “at a time of unpredictability and protectionism in the United States was a massive priority for all Canadians.”

The country delivers 75% of its goods export to the United States.

Meanwhile, U.S. Senate Finance Committee Chairman Charles Grassley expressed his remarks on Wednesday. According to him, the measures need to be withdrawn. This would get them agricultural interests to back congressional approval for the USMCA.

Marketwatch: Oil drops amid global economy outlook concerns

On Friday, oil declined on global economy outlook concerns. However, the output cuts supported the prices of crude as well as maintained its pace toward a strong weekly gain.

As of 0333 GMT, International Brent crude futures were at $61.55 per barrel. Further, this was lower 13 cents or 0.2% from their previous settlement.

Meanwhile, U.S. West Texas Intermediate (WTI) crude futures declined 0.1% to $52.52 per barrel.

“If we experience an economic slowdown, crude will underperform due to its correlation to growth,” said Sydney-based Frame Funds Portfolio Manager Hue Frame.

For this year, most analysts lowered their global economic growth forecasts below 3%. There are a few of them who worry about the looming recession on the emerging trade conflicts and soaring debt.

However, hopes about the possible resolution of the US-China trade war are emerging. This was due to the fact that global markets such as oil took hearts from the talks between Washington and Beijing this week.

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