Global Markets: Carbon tax comes into effect Jan. 1

By Commodity News Services Canada

WINNIPEG, Dec. 31 (CNS Canada) – The following is a glance at the news moving markets in Canada and globally.

– The Canadian government’s first steps at implementing its carbon tax will come in to effect Jan. 1. It will be applied to industrial emissions; the backstop price on carbon will be levied in provinces without their own carbon taxes, namely Ontario, Manitoba, Prince Edward Island, New Brunswick and Saskatchewan. Consumers in those provinces will receive federal payments to help counter the coming increases in prices.

– The presidents of the United States and China spoke with each other over the weekend to discuss trade. U.S. President Donald Trump tweeted progress was made on a wide variety of issues. Trade delegations from both countries will begin talks in Beijing on Jan. 7 to alleviate the ongoing trade war between the world’s two largest economies.

– The price of oil will incur its first annual decline in three years, falling more than 20 per cent over the last 12 months. Over production, the U.S./China trade dispute, tighter fiscal policies of the U.S. Federal Reserve and the slowdown of the Chinese economy are among the factors that drove down the price of oil in 2018.

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