Glacier FarmMedia – The following is a glance at the news moving markets in Canada and globally.
– United States President Donald Trump posted on social media Thursday night that he will terminate all trade talks with Canada after being made aware of an anti-tariff advertisement from the Ontario government using the words of former president Ronald Reagan. Trump attributed the ad to Canada and called it fraudulent and fake, but it contained an audio excerpt from a 1987 radio address from Reagan supporting free trade. Hours before Trump’s post, the Ronald Reagan Foundation & Institute claimed the Ontario government used “selective audio and video” and did not seek permission to use Reagan’s remarks. The Ontario government responded by saying the piece was unedited and in the public domain. Carney told reporters on Friday Canada will “stand ready to pick up” on progress that he says has been made with the U.S.
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– Carney departs for Kuala Lumpur on Friday where he will attend the summit of the Association of Southeast Nations (ASEAN) on Oct. 26 and 27. He will then travel to Singapore to meet with Prime Minister Lawrence Wong before heading to South Korea for the APEC summit on Oct. 31 and Nov. 1. Canadian government officials said they are pursuing one-on-one meetings with Trump and Xi.
– The federal government said on Thursday it will reduce the number of tariff-exempt Stellantis and General Motors vehicles imported into Canada. Stellantis announced earlier this month it was moving production of the Jeep Compass from Brampton, Ont. to the U.S. Earlier this week, GM said it was ending production of its BrightDrop electric vehicles in Ingersoll, Ont. due to lack of demand.
– The U.S. Labor Department reported on Friday the annual inflation rate in the U.S. increased to three per cent in September, compared to 2.9 per cent in August. Excluding food and energy, core prices rose three per cent, down from 3.1 per cent the month before. The small increases may persuade the Federal Reserve to cut interest rates when it meets next week.
