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August 23 – The trade dispute between the US and Canada has escalated further, with Canadian Prime Minister Mark Carney announcing that Canada will impose retaliatory tariffs on US imports starting September 8. Carney stated on Saturday, “We are reluctantly taking this step because we recognize that it will increase costs for Canadians, reduce purchasing options, hurt innocent American businesses and states, and hinder cooperation between our two countries.” He said the retaliatory tariffs will primarily target steel, dairy products, home appliances, agricultural equipment, pulp, paper products, and electronics, with more details to be released in the coming days. Following the breakdown of trade negotiations on Friday evening, the US imposed 50% tariffs on hundreds of Canadian goods on Saturday, totaling approximately $20 billion, including plywood, alcoholic beverages, electrical equipment, and hockey equipment.On August 23, Russian President Vladimir Putin stated on August 22 that the Ukrainian armed forces had been launching missile and drone attacks against Russia for the past 40 days in an attempt to defeat Russia, but this was "nothing more than a gamble." He claimed that the Ukrainian attacks had not brought about any substantial change in the situation. Putin also stated that in response to the Ukrainian attacks on civilian infrastructure in Russia, the Russian military had intensified its attacks on Ukrainian companies, and that the retaliatory strikes by Russia were "more destructive."Canadian Prime Minister Carney: The government is prepared to provide financial support to affected industries under the new 50% tariff.Canadian Prime Minister Carney: Canada will provide tariff protection for certain industries.Canadian Prime Minister Mark Carney: There is "no good news" about the future of the USMCA (United States-Mexico-Canada Agreement).

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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