Global Markets: Doubt hanging over U.S./China trade deal

By MarketsFarm

WINNIPEG, May 8 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Two days of trade talks between the United States and China will take place in Washington starting Thursday. Talks were previously scheduled to begin today in the U.S. capital. A great deal of doubt has arisen over high-level negotiators being able to reach a deal. Not only has the U.S. threatened to hike tariffs on imports from China effective May 10, but China reportedly attempted to alter the terms of agreements made during the last eight months of negotiations.

– In the face of U.S. sanctions, Iran is taking limited measures to increase its nuclear program. The announcement comes a year after President Donald Trump announced the U.S. was pulling out of the Joint Comprehensive Plan of Action with Iran and five other countries to curb the Middle East country’s nuclear program. Among the measures being taken, Iranian President Hassan Rouhani stated the enrichment of uranium will resume in 60 days, unless China, France, Germany, Russia and the United Kingdom obtained protection for Iran’s oil and banking sectors from U.S. sanctions. Iran’s moves are said to be within the limits allowed in the deal.

– General Motors of Canada and Unifor are scheduled to make a joint announcement on Wednesday regarding the auto manufacturer’s Oshawa, Ont. plant. In November, GM of Canada announced it was closing the plant, affecting 2,600 employees and the labour union vowed to fight the closure. It’s expected the announcement will be about keeping some operations going at the Oshawa plant.

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