Canada is caught in a ‘double trade war’ — and one premier is urging Ottawa to drop its fight against China
OTTAWA — On top of threatened U.S. tariffs, China has brought down another hammer on many Canadian farm and seafood exports, hitting them with a “double trade war” that industry leaders say will slam Canadian producers.
In response, B.C. Premier David Eby called on Ottawa to drop its tariff fight against China, saying Canada got nothing out of trying to align trade policy with the United States last fall ahead of President Donald Trump’s election.
Eby, who stepped up measures against the United States along with Ontario Premier Doug Ford on Monday, said the government of Canada should offer a concession in the trade dispute it has with China.
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Stocks fall as Trump warns of US economy trade war 'transition'
A sell-off in the US stock market gathered steam on Monday, fuelled by rising concern about the cost of the trade war to the world's largest economy.
The S&P 500, which tracks the biggest American companies, fell about 2% in early trade, while the Dow Jones dropped 0.9% and the Nasdaq sank more than 3.5%.
The falls came after President Donald Trump ducked questions about whether the US economy was facing a recession or price rises as a result of tariff moves, while warning instead of a "period of transition".
Commerce Secretary Howard Lutnick, however, insisted there would be no contraction in the US, although he acknowledged that the price of some goods may rise.
Investors fear that tariffs - which are taxes on goods applied as they enter the country - will lead to higher prices and ultimately dent growth in the world's largest economy.
"The level of tariffs that Trump is imposing, I think no doubt, will have to cause inflation somewhere down the line," Rachel Winter, investment manager at Killik & Co, told the Today programme.
Economist Mohamed El-Erian said investors had been optimistic about Trump's plans for de-regulation and lower taxes, while under-estimating the likelihood of a trade war.
He said the recent falls in the stock market, which started last week, reflect the adjustment of those bets.
"It's a complete change in what the market expected," he added, noting that investors are also responding to signs that businesses and households are starting to hold off on spending amid the uncertainty, which could hurt economic growth.
European stocks closed lower on Monday, with France's CAC and the London FTSE indices both closing around 0.9% lower. Germany's DAX closed 1.75% lower.
Susannah Streeter, head of money and markets at the stockbrokers Hargreaves Lansdown, said it was because of "unease around the impact of Trump tariffs". She added that concerns over the US economy entering a recession is worrying investors.
Tesla shares fell about 8% on Monday, while tech stocks Nvidia and Meta were both down more than 4%.
Speaking to Fox News in an interview broadcast on Sunday but recorded on Thursday, Trump appeared to acknowledge the concerns, responding to a question about whether the US was facing recession: "I hate to predict things like that. There is a period of transition because what we're doing is very big. We're bringing wealth back to America. That's a big thing."
"It takes a little time, but I think it should be great for us," he added.
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Now Our Civil Society will do war with U.S Government & all technocrate in Cyberspace.
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Typer.me App Now Available on the Play Store!
Typer.me is now on the Play Store! Download the app today and start connecting with others in a whole new way. Whether you’re sharing ideas, organizing content, or exploring trending topics, Typer.me gives you the tools to stay engaged. Install now and join our growing community! Read More...
Its Urgent World Condition - heading to world war 3
I need a more dynamic social network community that can chat conference, leave messages, discuss in the forum. I want to share a lot of my suggestions related to the global situation today & prophecies and signs of the end times. Therefore I ask you to bookmark my website, and visit it intensively. btw blogger access & all blogger domains are banned by Google. the reason is only 1. they are underlings of Globalist/elite Global agents, zionist Israel & cabals / elite Jews. and I am the Leader of the Global civil society Community, who fights them. x.com did Shadowban again on my account, every time they do shadowban, there must be an evil plan that becomes a big event, 2 generals have been assassinated in Russia and Iran, previously the leader of Japan Abe, and the leaders of Hamas and Hezbollah who they assassinated. the Iranian base is also being attacked at this time. we have to make plans, do simulations, and determine the route of the colony to migrate to a safe shelter & bunker at the end of this time. btw luckily I have created a new blog that I have backed up, before my blogger was banned by those bastard blogger & google staff at the instigation of lumen.org from harvar they are people paid by zionists & cabals!!! and this is my blog link https://navayaisle.uca.icu/
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