By Commodity News Service Canada
Aug. 2 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.
– United States President Donald Trump is reportedly considering increasing the tariffs on US$200 billion in Chinese imports to 25 per cent from 10. The president is trying to use tariffs to pressure China to end what it considers to be unfair trading practices.
– The Liberal government plans to relax its carbon tax plan after industry expressed concerns over their ability to compete if the original plan goes ahead. Environment and Climate Change Canada intends to release new guidelines that raise the cut-off point at which polluters have to pay carbon taxes. The federal government announced yesterday that the point at which companies have to pay the tax on the emissions they produce would be set at 80 per cent of average industry emissions, rather than the previous 70 per cent level. Producers of nitrogen fertilizer, cement, iron, steel and lime have a 90 per cent of industry average level at which point the carbon tax takes effect.
– U.S. President Donald Trump called on his Attorney General Jeff Sessions to halt the investigation into Russian interference in the 2016 U.S. election. The stepped-up attacks on the probe by Special Counsel Robert Mueller prompted complaints that Trump was attempting to obstruct justice. The White House denied those allegations, saying Trump’s comments were only his opinion and do not amount to a presidential order.