Global Markets: Trump tweet rocks global markets

By MarketsFarm

WINNIPEG, May 6 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Stock and commodities markets around the world reacted negatively after United States President Donald Trump tweeted Sunday that he would hike tariffs on imports from China. Trump said trade talks with China are going to slow and he pledged to double tariffs if Chinese negotiators don’t pick up the pace. The president also threatened to impose a 25 per cent tariff on Chinese imports that so far have been exempt. High-level negotiators from China remain scheduled to meet with their U.S. counterparts on May 8 in Washington.

– Canada turned to the U.S. on May 5 to help settle its dispute with China. The sour tone between Canada and China began when Canadian authorities arrested Huawei Technologies executive Meng Wanzhou in early December at the request of the U.S. By January, China ceased buying Canadian canola and in March China banned two grain companies from selling canola to the country. China detained two Canadian on allegations of espionage.

– Voters in South Africa head to the polls on May 8 in a national election that’s expected to see the African National Congress (ANC) remain in power. However the 25-year-old ANC government, led by President Cyril Ramaphosa since last year, is plagued with a long list of corruption allegations and hampered by a lackluster South African economy, will sharply reduce the party’s support from 62 per cent of the vote in 2014. Other parties gaining support at the expense of the ANC include the Democratic Alliance and the Economic Freedom Fighters.

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