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President Trump Launched a Fresh Auto-tariff Threat Against Canada
Published August 13, 2018
President Trump launched a fresh auto-tariff threat against Canada at a time when Ottawa finds itself on the outside of NAFTA negotiations as it awaits the completion of one-on-one talks between the US and Mexico. In a tweet that appeared to reference NAFTA’s renegotiation, the US president said the “deal with Mexico is coming along nicely” and that “Canada must wait.”
The crisis in Turkey is moving asset prices across emerging markets. The MSCI Emerging Markets Currency Index fell to the lowest in over a year. The euro has also been under pressure, hitting the lowest level against the dollar in more than 13 months currently trading at 1.1398.
Pressure remains on the Turkish lira after Friday’s rout, with the currency briefly trading at more than 7 to the dollar in today’s session. President Recep Tayyip Erdogan remained defiant in speeches yesterday, saying the country is now in an “economic war.”
On the data front, retail sales are released on Wednesday being one of the few major US economic releases. Today, the US Treasury will sell $96 billion of three-month and six-month bills as supply surges.