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Global Markets: U.S., Russian summit scheduled for Helsinki

By Commodity News Service Canada

July 4 (CNS Canada) – The following is a glance at the
news moving markets in Canada and globally.

– Ontario Premier Doug Ford officially announced plans
to end the province’s cap-and-trade program, opening the
door for Ottawa to implement its own carbon tax. The cap-
and-trade program forces companies to buy allowances to
compensate for their carbon emissions. Ford offered no cost
estimates for leaving the program, with companies having
already purchased almost C$3 billion in carbon credits.

– Kinder Morgan Canada said it is restarting work on the
controversial Trans Mountain pipeline expansion as the
Canadian government prepares to take over as the project’s
new owners. Work had stopped this spring following
opposition from protesters.

– China is said to be pressuring European countries to
issue a joint statement against U.S. President Donald
Trump’s trade policies at a summit later this month.
European officials say China have proposed an alliance with
Europe and offered to open up more of the Chinese market. A
China-European summit is scheduled for July 16-17 in
Beijing.

END

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