Loading…
Loading…
The US escalated its trade war with Canada following Ottawa's tariff retaliation. Washington moved to block imports of some products while placing new tariffs on others, as well as seeking to bar Canadian companies from selling to government contractors.
President Donald Trump on Tuesday announced new tariffs on Canadian goods like cheese and furniture. He also announced outright bans on many Canadian alcohol imports, set to take effect September 29.
The Trump administration announced a ban on imports of Canadian dairy products, most alcoholic beverages and motorcycles, escalating a trade dispute.
The latest Canadian tariffs on $20 billion of U.S. exports went into effect Tuesday. A handful of U.S. states are likely to feel a big effect.
Canada is trying to secure a new trading alliance with the European Union as its relationship with the US deteriorates. Mark Carney just imposed retaliatory tariffs of 15% to 50% on hundreds of American goods on Tuesday.
Plus, oil rises after Houthis strike energy infrastructure, and stocks fall.
Get a jump start on the US trading day with Vonnie Quinn and Bailey Lipschultz on "Bloomberg Open Interest." The summer calm may be over.
10:00am: Trade tensions heat up The Dow Jones led Wall Street lower at the open on Tuesday as rising oil prices and an escalating US-Canada trade dispute added to inflation concerns at the start of the holiday-shortened week. The Dow fell 588 points, or 1.1%, to 52,826, while the S&P 500 slipped 34 points, or 0.4%, to 7,684.