Glacier FarmMedia — The following is a glance at the news moving markets in Canada and globally.
- The United States and European Union reached a trade agreement on Sunday, setting 15 per cent tariff on most goods. U.S. President Donald Trump described the agreement as “a good deal for everybody,” while European Commission chief Ursula von der Leyen said it “will bring stability, it will bring predictability, that’s very important for our businesses on both sides of the Atlantic.”
- Meanwhile, Trump told reporters on Friday that a trade deal with Canada may not be reached before the Aug. 1 deadline that would see U.S. tariffs on Canadian imports jump to 35 per cent.
- Advanced Canadian wholesale trade data suggests the country saw a 0.7 per cent increase in wholesale sales in June. The official estimate will be released on Aug. 15.
- Soybean, corn and wheat futures in the U.S. were all under some pressure in early trade Monday morning despite the trade deal news, with relatively favourable crop conditions across some of the selling pressure.
