BEFORE THE BELL: Trump vows to stay tough in China US trade spat; Oil gains on hurricane-related gas demand
The trade war between China and the US isn’t letting up anytime soon. Donald Trump recently said he would continue his tough stance on China’s trade practices after Beijing looked for permission from the WTO to hit the US with sanctions. Trump still has yet to use the newest round of Chinese product-aimed tariffs in his arsenal, but experts believe the strike will come soon.
The price of crude continues to rally as Iranian flow is cut by US sanctions and the threat of Hurricane Florence is pushing up gas demand in the US. US oil is gaining to 69.87 a barrel.
The Loonie is getting boost from this growth, gaining to 76.58 cents US.
The Globe and Mail reports Finance Minister Bill Morneau could be discussing new measures to keep Canadian investment competitive, with the Liberal party likely discussing the possibility of corporate tax cuts during its caucus meeting in Saskatoon. A recent economist report suggested over 600,000 Canadian jobs could be at risk and the GDP would likely take an $85 million hit if the US continues to attract investment across the border with its own tax incentives.