Global Markets: U.S. pushes lower tariffs for online goods

By Commodity News Service Canada

Aug. 9 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– The United States is pushing a proposal in upcoming North American Free Trade negotiations that would see Canada and Mexico increase duty-free imports allowed from online purchases. Canada and Mexico are resisting the move, which could see duty-free imports rise to US$800 from the present rate of C$20 in Canada, and US$50 in Mexico.

– North Korea said it was considering a missile strike on the U.S. territory of Guam following U.S. president Donald Trump’s statement that the U.S. would meet any threat with “fire and fury.”

– Oil is rising as the energy sector prepares for a report on U.S. oil production later today. Prices have hovered around US$49 a barrel in recent weeks as investors attempt to decipher rising global supplies amid output reductions from OPEC oil-producing nations.

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