Global Markets: China hits back at U.S. with more tariffs

By Commodity News Service Canada

WINNIPEG, April 4, 2018 (CNS) – The following is a glance at the news moving markets in Canada and globally.

China hit back quickly with new tariffs on Wednesday against the United States. On Tuesday U.S. President Donald Trump announced tariffs on US$50 billion in Chinese goods. Less than 11 hours later China announced similar duties on key U.S. imports including soybeans, planes, cars, beef and chemicals. This led to a sharp selloff in global stock markets and commodities.

Chinese importers expecting cargoes of U.S. commodities from beef to propane have said they hope to sell goods to South Korea or Japan following the latest round of tariffs between China and the U.S. Chinese traders of soybeans were bracing for mass cancellations of soybeans Wednesday. Buyers of propane used for making ethylene and propylene are looking to swap U.S. shipments for Middle Eastern barrels with buyers in South Korea and Japan.

Calgary-based pipeline company Enbridge Inc. is working with advisors to sell a group of British Columbia and Alberta gathering and processing assets that could fetch more than C$2 billion. Enbridge has hired Royal Bank of Canada to help with the sale process. Enbridge announced plans in November to divest about C$10 billion in assets as it streamlines its business into three core segments: oil pipelines, gas pipelines and gas utilities.

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