BEFORE THE BELL: Trump takes aim at all countries with tariffs; December GDP released by Stats Can this morning
Trade talk is topping investor’s minds today. The New York Times is reporting Trump will impose tariffs on all countries which would include Canada’s billion dollar steel trade with the US.
Auto and aerospace industries are taking the biggest hits in the global markets following the trade news. This has heavily weighted the Nikkei, which fell 2.5 per cent in overnight trading to close at 21,181. Traders will be watching for more market volatility in all sectors that use steel and aluminum products including beer and beverage producers.
Following the tariff talk, gold has bounced back from a significant slide earlier this week, up 17.30 to 1,322.
The price of oil is edging closer to 60.00 at 60.66.
The lowly Loonie is still struggling as it falls to 77.75 cents US.
Investors will be watching the Canadian currency when Stats Can releases more details on GDP growth from December. In November, GDP grew by 0.4 per cent.