Global Markets: U.S. increases tariffs on Chinese imports

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The following is a glance at the news moving markets in Canada and globally.

• The United States announced tariff increases on a wide range of Chinese imports on Tuesday, including batteries for electric vehicles, computer chips and medical products. China has vowed retaliation. The initial list of tariff hikes did not include used cooking oil, which weighed on Chicago soyoil and ICE canola futures.

• Israeli tanks moved deeper into Rafah on Tuesday, forcing more people to flee the southern Gaza city that had served as a refuge from the ongoing violence in the Palestinian territory.

• Canadian trade data saw the country’s wholesale sales fall by 1.1 per cent in March to C$81.4 billion, with the largest losses in the motor vehicle sector, according to a report from Statistics Canada. On an annual basis, wholesale sales were down by 0.4 per cent.

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