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Global Markets: Apple could take hit from China tariffs

By Commodity News Service Canada
WINNIPEG, Nov. 27, 2018 (CNS) – The following is a glance at the news moving markets in Canada and globally.
Maple Leaf Foods has announced it will build a C$660 million poultry plant in London, Ont. with funding help from the federal and provincial governments. Construction of the 640,000 square-foot facility will begin next spring and open in mid-2012. The plant will be staffed by more the 1,450 employees. However, Maple Leaf also announced that it will close three other plants in Ontario by late 2022, but it will offer other positions to affected employees.

United States President Donald Trump has suggested that the latest round of tariffs against China could be placed on mobile phones, which would potentially affect Apple Inc. The U.S. will raise import duties on about US$200 billion worth of goods from China to 25 per cent from 10 per cent on Jan. 1. The vast majority of iPhones and other Apple products are built in China and then exported globally.
The union representing workers at Oshawa’s General Motors assembly plant has said GM should prepare for “one hell of a fight”. Unifor National President Jerry Dias said that the union is planning to fight the planned closure of the plant “tooth and nail”. GM announced the closure Monday as part of a sweeping strategy to transform the company to one more focused on electric and autonomous vehicles, four other U.S. plants will be closed as well.

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