By Commodity News Service Canada
WINNIPEG, MB, Mar. 2, 2018 (CNS Canada) – The Canadian
dollar opened lower Friday, as worries began to mount about a
possible global trade war.
At 9:00 CST Friday morning the Canadian dollar was at
US$0.7758 or C$ 1.2883, which compares with Thursday’s North
American close of US$0.7781 or C$1.2851.
United States President Donald Trump announced Thursday he
will impose tariffs of 25 per cent on imported steel and 10 per
cent on aluminum. The administration said the move will protect
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Oil prices are set to post their first weekly fall in three
weeks following news of the U.S. plans to impose tariffs on
steel and aluminum. The move hit global equity markets as U.S.
inventories have been climbing. Brent crude fell by 32 cents to
US$63.51 per barrel.
Wall Street opened sharply lower Friday as investors
fretted that U.S. President Donald Trump had launched a global
trade war with his promise to impose import tariffs on steel and
aluminum. The Dow Jones Industrial Average dropped 278.93
points, or 1.13 per cent, to 24,330.05. The S&P 500 fell 21.96
points, or 0.82 per cent, to 2,655.71. The Nasdaq Composite lost
78.61 points, or 1.09 per cent, to 7,101.95.
The Toronto TSX/S&P Composite Index hit a two-week low
Friday morning, pressured by declines in energy, financial and
industrial shares as oil prices fell and global investors
worried about a trade war. Shortly after open the TSX/S&P
dropped 94.34 points, or 0.61 per cent, to 15,299.61.
