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Market Update

EncoreFX’s daily market updates are written by our experienced and professional dealing team.

Trump Threatens Auto Tariffs on Canada | EU and US Trade Representatives Meet in Brussels

Published September 10, 2018
  • President Trump notched up pressures on NAFTA negotiations over the weekend by threatening auto tariffs that could devastate the Canadian economy. Foreign Affairs Minister Freeland has stated that Canada understands what the US needs to get a trade deal, but getting a deal will require more flexibility from both nations.
  • On Friday, Trump stated that he has the firepower to impose new tariffs on China “at short notice”, leading Bank of China Governor Zhou Xiaochuan to caution that the effects on domestic economic confidence may be larger than the immediate hit to trade.
  • The European trade commissioner, Malmstrom, will host United States trade representative, Robert Lighthizer, today in Brussels for the first political level meeting of a new working group regarding potential US tariffs on EU automobiles.
  • The British economy posted the fastest expansion in nearly a year as the services sector remained robust. Growth beat economist estimates to come in at 0.6%, with construction output and retail also providing a boost.