Global Markets: Trade war concerns heating up

By Commodity News Service Canada

WINNIPEG, March 7 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– Concerns over a possible global trade war were at the forefront of the financial markets Wednesday morning, following the exit of White House chief economic advisor Gary Cohn. The former chief operating officer of Goldman Sachs was a strong supporter of free trade and his exit should see President Donald Trump move ahead with proposed tariffs on steel and aluminum.

– The European Union has already announced plans to launch proceedings at the World Trade Organisation. Retaliatory tariffs on U.S. goods, including peanut butter, bourbon, and motorcycles are also being considered.

– The Bank of Canada is set to make its latest interest rate announcement on Wednesday. Most economists expect the Bank will keep its key overnight rate unchanged at 1.25 per cent, but the accompanying statement will be followed closely for signs of future moves.

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