Glacier FarmMedia – The following is a glance at the news moving markets in Canada and globally.
– China announced on Tuesday it will impose a 75.8 per cent preliminary anti-dumping duty on Canadian canola imports beginning on Thursday. China sources nearly all of its canola/rapeseed imports from Canada, with 4.6 million tonnes of the oilseed shipped from Canada in the 2024-25 marketing year. Last September, China placed a 100 per cent tariff on Canadian canola oil and meal in retaliation for Canada placing tariffs on Chinese electric vehicles last year. China also launched an anti-dumping investigation into Canadian pea starch.
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– United States President Donald Trump said on Tuesday a tariff truce between the U.S. and China was extended by 90 days, just as the original agreement was set to expire. China’s Ministry of Commerce also confirmed the extension. Both Trump and Chinese President Xi Jinping have expressed their willingness to meet in a summit later this year.
– The U.S. Labor Department said on Tuesday the inflation rate was unchanged at 2.7 per cent in July compared to June. However, core prices excluding food and energy rose to a five-month high of 3.1 per cent year-by-year, compared to 2.9 per cent in June. Gas prices dropped 2.2 per cent from June to July and fell 9.5 per cent from a year earlier. Grocery prices were down 0.1 per cent in July, though they were 2.2 per cent higher than a year ago.
