Global Markets: Trump follows through on tariff hike

By MarketsFarm

WINNIPEG, May 10 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– United States President Donald Trump hiked tariffs from 10 to 25 per cent on US$200 billion of imports from China on Friday morning. The move came as high-level trade negotiators from both countries failed to reach a deal on Thursday. Earlier this week, Trump accused China of backtracking on provisions of the deal both countries agreed to, but Chinese officials have denied the action. In response to the hikes, China stated it will take countermeasures against the U.S. The North American stock and commodities markets are expected to have a rough day of trading on Friday.

– Approximately C$7.4 billion was laundered in British Columbia in 2018, according to a report issued by the province. The criminal money laundering scheme was said to have targeted B.C.’s housing market, which accounted for about two-thirds of the amount. The report recommended 29 measures, including a Land Owner Transparency registry, strengthening federal regulations, and creating a public data-sharing network for anti-money laundering agencies. The report also noted C$47 billion was laundered throughout Canada last year.

– Canadian Prime Minister Justin Trudeau spoke with President Trump on Thursday regarding the two Canadians detained in China. Canada wants the U.S. to put pressure on China to release Michael Kovrig and Michael Spavor, who have also been accused of espionage. The two were detained by Chinese authorities days after Canadian authorities arrested Huawei Technologies executive Meng Wanzhou in early December at the request of the U.S. A hearing is currently underway in Vancouver to determine if Meng is to be extradited to the U.S., where she faces fraud charges.

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