China Reciprocates with Tariffs on US Goods; Oil Lower on Bahrain Discovery
Published April 2, 2018
The Canadian dollar has started the week up slightly, with both US and Canadian manufacturing data being released this morning.
The Trump administration will release its list of Chinese imports subject to tariffs this week; the tariffs are expected to target close to $60 billion worth of Chinese imports, annually.
China has responded to Trump’s trade barriers with tariffs of its own being levied on up to $3 billion of imports of certain US products, ranging from wine to frozen pork, fueling concerns of a global trade war.
Oil prices started the day higher on reports of lower US production and speculation about sanctions against Iran stemming from its nuclear program. Crude prices fell considerably after the open on an announcement that Bahrain made its biggest oil discovery since 1932. WTI crude is down 1.11% to $64.22 with Brent crude down 0.68% to $68.87 at the time of writing.