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Global Markets: Biden could keep Trump’s tariffs on China

Trade deficit hits 12-year high

By MarketsFarm

WINNIPEG, Sept. 8 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– There are reports on Tuesday stating that Democratic nominee Joe Biden might maintain some of the tariffs on China that were imposed by the Trump administration, should he be elected president in November. United States President Donald Trump imposed a series of tariffs in 2018 that started a trade war with China. Despite the Phase One trade agreement, the U.S. saw its trade deficit with China in July reach US$63.6 billion, a 12-year high. Although a vocal proponent of free trade, Biden said he would use tariffs if it made sense to do so.

– Canadian Conservative leader Erin O’Toole named former party leader Andrew Scheer as his infrastructure and communities critic on Tuesday. Other notable opposition critics include Pierre Poilievre remaining as finance critic, with new roles for Michelle Rempel Garner as health critic, Rob Moore as justice critic and Michael Chong as foreign affairs critic. Lianne Rood will be the agriculture and agri-food critic and James Bezan as national defence critic. Previously, O’Toole named Candice Bergen as deputy leader and Gerard Deltell as house leader.

– The European Union warned the United Kingdom on Tuesday that it won’t tolerate any changes to the Brexit Withdrawal Agreement. U.K. Prime Minister Boris Johnson was said to be planning legislation that would override parts of the treaty, which could adversely affect provisions set out for Northern Ireland. The EU said it would refuse to sign a trade deal with the U.K. if the Johnson government proceeded with any alterations to the nine-month-old treaty.

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