By Glen Hallick
Glacier FarmMedia | MarketsFarm – The following is a glance at the news moving markets in Canada and globally.
- Canada’s economy improved in July, Statistics Canada reported on Friday. StatCan said the country’s gross domestic product was up 0.2 per cent that month. The goods-producing industries rose 0.6 per cent and services-producing industries bumped up 0.1 per cent. StatCan said there were gains in 11 of the 20 industrial sectors during July. The agency said early indications point to similar growth in August.
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- There’s another labour dispute at Canada Post as some 55,000 members of the Canadian Union of Postal Workers hit the picket lines on Friday. The latest job action came after the federal government said Canada Post could now eliminate home delivery and close some rural mail post offices. The government said the crown corporation is on the verge of bankruptcy and is on track to lose C$1.5 billion in 2025, despite a C$1 billion injection from the feds earlier this year.
- United States President Donald Trump announced on Thursday there will be 100 per cent tariffs on imports of branded drugs effective Oct. 1, despite warnings from pharmaceutical companies that such a move would drive up drug prices. Come Wednesday, there will also be 25 per cent levies on heavy trucks and surcharges of 30 to 50 per cent on certain household fixtures. The president claimed the measures are “for National Security and other reasons.”
- Argentina’s temporary tax holiday on agricultural exports came to a quick end on Thursday. The government announced holiday on Monday, reducing the export tax from 26 per cent to until Oct. 31 or when the US$7 billion target was met. The latter was achieved yesterday, that included up to 35 cargoes of soybeans bought by China.
