Despite planning trade talks with Beijing, Washington is preparing to hit China with more tariffs.
Donald Trump is reportedly set to announce the tariffs on more Chinese products worth $200 billion. China is vowing to retaliate and experts suggest Beijing may pull out of trade talks altogether. This is expected to affect North American markets as investors get nervous about escalation in the ongoing US-China trade war.
Traders will be watching for progress in the Canada-US talks on NAFTA when negotiations resume tomorrow.
The price of crude is growing over concerns suppliers will not be able to keep up with demand as Iran’s flow of oil is hit with US sanctions. US crude is gaining to 69.51 a barrel.
The Loonie is up to 76.97 cents US.