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Trump Moves to Impose 10% Global Tariff After Court Setback

                                                        U.S. President Donald Trump In the wake of a major Supreme Court defeat, President Donald Trump announced that he will sign an executive order to impose a 10% global tariff on U.S. trading partners. The move comes just hours after the Court struck down his earlier sweeping tariff measures, ruling 6–3 that he had exceeded his authority under emergency powers.  Trump said the new tariff will be enacted under Section 122 of the Trade Act of 1974, which allows temporary trade measures to address balance‑of‑payments issues. He emphasized that the tariff would be added “over and above” existing duties, signaling his intent to continue pursuing aggressive trade policies despite the legal setback.  Defiant in tone, Trump insisted that the ruling would not constrain...
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TSX futures rise ahead of BoC meeting, metal prices boost materials sector

 

The S&P/TSX index futures were up 0.3% on Tuesday morning, as investors awaited the Bank of Canada’s monetary policy meeting on Wednesday and the fourth-quarter results of Canadian National Railway later in the day.

The materials sector, which accounts for about 10% of the index, was set to gain from higher gold and copper prices, supported by a weaker U.S. dollar and hopes of more stimulus from China, the top consumer of metals.

Gold prices rebounded from a two-week low hit on Monday, while copper and other industrial metals advanced on expectations that Beijing would announce more measures to boost its economy, which has been hit by the coronavirus outbreak.

Oil prices, however, eased slightly as traders weighed the geopolitical risks in several regions, such as Iran, Iraq, and Libya, with the supply disruptions in the U.S. and the resumption of production in Libya.

The focus of the market was on the Bank of Canada’s meeting on Wednesday, where the central bank is widely expected to keep its policy rate unchanged at 5%, but also signal its stance on future rate cuts.

Money market participants are now pricing in a 22.4% chance of a rate cut in March and a 50.2% chance in April, according to Citigroup analysts.

“We expect an overall hawkish meeting, with officials emphasizing a commitment to 2% inflation and pushing back on expectations for imminent rate cuts, but also expressing more confidence than in previous meetings that rates are appropriately restrictive,” they said in a note.

The Toronto Stock Exchange’s S&P/TSX composite index ended up 17.78 points, or 0.1%, at 20,924.30 on Monday, boosted by gains in financials and real estate.

Meanwhile, railroad operator Canadian National Railway is expected to report its fourth-quarter results later in the day, which could provide some insight into the impact of the ongoing rail blockades by indigenous protesters.

Wood products firm West Fraser announced the closure of its Fraser Lake sawmill, which is expected to affect 175 employees and the company’s production capacity.

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