SlateStone Wealth chief market strategist Kenny Polcari discusses the place traders are placing their consideration on ‘The Claman Countdown.’
President Donald Trump mentioned on Friday that the U.S. is terminating all commerce discussions with Canada.
Trump cited Canada’s digital providers tax on American tech corporations as the rationale for ending commerce talks.
“They’re clearly copying the European Union, which has completed the identical factor, and is at present below dialogue with us, additionally. Based mostly on this egregious Tax, we’re hereby terminating ALL discussions on Commerce with Canada, efficient instantly,” Trump wrote.
Trump mentioned the administration will inform Canada throughout the “subsequent seven day interval” of what tariff it is going to pay to do enterprise with the U.S.
The president added in his put up that Canada is “a really troublesome Nation to TRADE with” and claimed that Canada has levied tariffs as much as 400% on U.S. dairy merchandise.
Following Trump’s announcement, the U.S. greenback gained 0.7% towards the Canadian greenback.
Shares pared their earlier beneficial properties on the information. The benchmark S&P 500 index reached an all-time excessive after rising 0.59% as of early afternoon, although it sank on the president’s announcement to a achieve of about 0.33% because the market entered the ultimate two hours of buying and selling this week.
It is a creating story. Please examine again for updates.
