US-Canada trade talk failure adds to US-China trade tensions | IFCM
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US-Canada trade talk failure adds to US-China trade tensions

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    2023/02/27
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Failure to reach a mutually acceptable agreement last week in US-Canada trade talks as US planned to implement tariffs on $200 billion Chinese imports and President Trump indicated readiness to order additional tariffs on $267 billion worth of imports set the downcast sentiment for global equities. Global equities retreated while the dollar strengthened.

The SP 500 fell 1% last week while the ICE dollar index gained 0.3%. The broad US stock market index retreated every session in holiday-shortened last week, logging the biggest decline of 0.3% on Wednesday as US trade deficit for July jumped almost 10%.

The dollar strengthened every session last week except Wednesday and Thursday. The ICE dollar index rallied 0.4% Friday as the average hourly earnings rose from 2.7% over year in July to 2.9% in August, the fastest gain since June 2009.

US and Canada trade talks aimed to resolve the US demand for access to Canadian dairy market as investors are anticipating China’s retaliatory measures to further US duties on Chinese exports will be the global equity market drivers this week. Interest rate decisions by the Bank of England and European Central Bank on Thursday and US August inflation report are the other most significant events this week.

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