Job Day | US-China Trade War Escalation Pummels Global Markets
Published August 2, 2019
US President Trump announced Thursday that he would impose a 10% tariff on a further $300 billion in Chinese imports, a move set to hit American consumers directly. The new import taxes, which President Trump said could go beyond 25%, will be imposed beginning September 1st. The Chinese government pledged to respond if the US insists on adding extra tariffs to the remainder of Chinese imports.
US non-farm payroll employment rose by 164,000 in July, with the unemployment rate unchanged at 3.7%. Notable job gains occurred in professional and technical services, health care, social assistance, and financial activities. The jobless rate has held at 3.7%, which is a near half-century low, while average hourly earnings climbed 3.2% from a year earlier.
Canada’s trade balance data was released this morning with exports down 5.1% in June, and imports down 4.3%, both due in part to significant decreases in crude oil, as well as aircraft and other transportation equipment and parts. As a result, Canada’s merchandise trade balance remained in a surplus position, settling at $136 million after posting a $556 million surplus in May.