Trump said he will raise tariffs on $250 billion in Chinese goods to 30% and hike duties on another $300 billion in products to 15%.Politicsread more
The European Union will respond in kind if the U.S. imposes tariffs on France over digital tax plan, EU chief Donald Tusk told G-7.Technologyread more
Stocks dropped after Donald Trump ordered that U.S. manufacturers find alternatives to their operations in China.US Marketsread more
The final week of August could be highly volatile as markets fret over the economy and the latest developments in trade wars.Market Insiderread more
Federal Reserve Vice Chair Richard Clarida said Friday that the global economy has deteriorated in the past month.Marketsread more
The latest escalation in the trade war ups the odds the economy will fall into recession and that the Fed will aggressively cut rates.Market Insiderread more
Here are the products that stand to be the most affected by China's new tariffs on $75 billion worth of U.S. goods.Marketsread more
"We don't need China and, frankly, would be far better off without them," Trump tweeted.Politicsread more
Recent trade friction between the two Asian powerhouses has morphed into a dispute with political implications that go far beyond the region.Asia Politicsread more
"My only question is, who is our bigger enemy, Jay Powell or Chairman Xi?" Trump wrote amid a series of tweets that rattled markets Friday.Politicsread more
"I would love this to be clarified. We come to a deal on trade, boy, this market is up 10 to 15%, but without it's going to be worrisome," Jeremy Siegel says.Marketsread more
Canada's agriculture minister said on Wednesday that her department officials have told her the Chinese government has suspended the export permits of two Canadian pork exporters, marking the latest irritant in a widening diplomatic dispute.
Agriculture Minister Marie-Claude Bibeau said in an interview with Reuters that she has not yet received an official notice from China of the permit suspensions, and would not identify the companies involved. She said both pork producers are based in the country's eastern province of Quebec.
"We have to look into this," she said by phone from Ottawa. "It might be only administrative. We might be able to deal with the situation easily. I can't speculate on why the permits have been suspended."
Canada-China ties turned icy last December when police in Vancouver arrested Huawei Technologies Chief Financial Officer Meng Wanzhou on a U.S. warrant.
Since then, China has arrested two Canadians and halted canola imports from two Canadian companies.
Bibeau said she did not know when the pork permit suspensions took effect.
Last week, the Canadian Food Inspection Agency said some Canadian pork shipments to China had been delayed because exporters used outdated forms that certify the cargoes meet Chinese requirements.
The permit suspensions are also due to paperwork problems, although not the same issue as before, according to Gary Stordy, spokesman for the Canadian Pork Council, which represents Canadian hog farmers.
Stordy said the suspensions applied to two processing plants in Quebec.
The largest pork exporter in Quebec, Olymel, did not respond to requests for comment.
Canada, the world's third-largest pork exporter, has shipped more pork this year to China, where the domestic pig herd has been ravaged by African swine fever (ASF). China bought C$514 million ($382.5 million) worth of Canadian pork in 2018.
"With African swine fever, and the fact (the Chinese) are very big consumers of pork and here in Canada we are free from ASF, it's surprising that this is happening," Bibeau said.
China is the largest global producer and consumer of pork.
Earlier on Wednesday, the Canadian government offered financial assistance to canola farmers who have been hit by a Chinese ban on imports and said it was looking to diversify into other markets.