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Canada Fires Back At Trump: Up to 50% Tariffs on $20 Billion of US Goods
Canada hit back at Trump with tariffs of up to 50% on $20B of U.S. goods, escalating the trade war ahead of Sept. 8.
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Shares of aluminum-related companies are trading higher as investors expect that the U.S. and Canada will fail to reach a trade agreement ahead of Saturday's deadline. The inability to reach an agreement could expose Canada to a 50% tariff on several key exports, which may benefit U.S.-based producers.
Shares of steel and aluminum-related companies are trading lower amid expectations for progress on a U.S.-Canada trade agreement before the weekend. A trade framework may lessen investor interest in finished metals producers that would have benefitted from domestic U.S. production under continued tariffs.
Shares of steel and industrial metal-related companies are trading higher. July's Factor Order data could signal growing demand, and the Beige Book noted increased manufacturing activity across most districts.
CORRECTION: United Steelworkers Announces Negotiations To Continue With U.S. Steel, Cleveland Cliffs Steel
https://usw.org/press-release/bargaining-will-continue-past-expiration-with-u-s-steel-and-cleveland-cliffs/
Schumer, Pritzker and Others Slam Trump’s Canada Tariffs: ‘Economic Warfare’ Could Raise Costs for Americans
Schumer warned Trump’s Canada tariffs could raise costs for American families and manufacturers, urging Republicans to challenge the trade policy.