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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.