Canada's trade gap narrows to 17-month low despite protectionist risks
06 August, 2018, 00:21 | Author: Brooke Harris
But the month saw growing trade diversification away from the United States as trade tensions worsened and the two neighbors slapped tit-for-tat tariffs on metals and other goods.
"We thought steel and aluminum tariffs would be the story of this morning's trade report, but strong export growth in most other sectors swamped the impact of those new duties", said Josh Nye, senior economist at RBC Economics Research.
Analysts had expected a trade deficit of $2.3 billion, according to a poll by Thomson Reuters Eikon.
"Exports are key to the Bank of Canada's forecast for sustained GDP growth over the coming year, so June's data will certainly please them". China has said it will retaliate if U.S. President Donald Trump follows through on a threat to increase tariffs to 25 percent from 10 percent on $200 billion in Chinese imports. Exports rose sharply in prior months as the potential impacts from tariffs imposed by the Trump administration were front-run.
Exports of transportation equipment and parts were up 18.9 per cent to a record $2.5 billion, with exports of business jets accounting for much of the increase.
How do Druze Israelis view the 'nation-state' law?
Israeli Druze leaders say their alliance with Jews dates back long before they helped them win independence in 1948. Lawmaker Avi Dichter, a co-sponsor of the law, was heckled by Druze in attendance at another meeting.
The trade deficit in goods and services increased 7.3% from a month earlier to a seasonally adjusted $46.35 billion in June, the Commerce Department said Friday.
Meanwhile, imports from the United States were up 0.3 per cent to $32.9 billion, resulting in Canada's trade merchandise trade surplus with the USA rising to $4.1 billion. Higher shipments of soybeans helped bring the trade deficit in May to its lowest monthly level since late 2016 and, due to seasonal adjustments, provided an outsize boost to second-quarter gross domestic product. Canada's non-U.S. trade deficit shrank to $4.7-billion from $6.1-billion. Last month, the Trump administration began following through with a March threat of tariffs on tens of billions of dollars of imported Chinese goods, prompting China to respond with retaliatory levies on high-value US exports such as soybeans. Exports of passenger cars and light trucks were up 5 per cent in the month.
And so as Yahoo Finance has written before, tax cuts could end up working against Trump's efforts to bring down the US trade deficit, which in 2017 totaled $570 billion. Net foreign trade added 1.1 percentage point to GDP growth in the April to June period, Pantheon Macroeconomics estimates. This number got a positive boost from trade, with the surge in exports during the quarter adding 1% to growth.
As the Federal Reserve gradually tightens interest rates, the U.S. dollar also has risen steadily since April, making American exports more expensive to foreign buyers.
The unexpected export performance has heightened expectations that the Bank of Canada will raise its interest rates next month.
The Duke of Sussex has assumed wedding duties once again - this time attending the nuptials of his childhood friend as best man. Meghan and Harry started talking about their next big milestone - children - in the months leading up to their wedding.
US crude oil exports averaged 1.31 million barrels per day last week, down by 1.37 million barrels per day from the previous week. West Texas Intermediate ( WTI) crude futures CLc1 were down 27 cents at $68.69 a barrel by 10:45 a.m.
Before the woman allegedly kidnapped the girl, she was seen walking with an Asian man with whom she arrived at the airport. Police raised alarms after JingJing vanished on Thursday morning from the Washington National Airport.
The company's board of directors decided not to take any immediate disciplinary action against Moonves on Monday. The entertainment mogul was suspended from the board of the USC School of Cinematic Arts Wednesday.
Watch the second Test between England and India , from Lord's, live on Sky Sports Cricket and Main Event from 10am on Thursday. The match was beautifully poised and the normally-raucous Edgbaston crowd was in good voice from the first ball.
It also (hopefully) suggests that a Nintendo 64 Classic, Gamecube Classic, and Game Boy Classic will happen eventually. That's especially impressive considering that the NES Classic Edition was only re-released on June 29 .
For example, the Nokia 7 Plus with a Snapdragon 660 is almost identical in price to the Snapdragon 450-powered BlackBerry Evolve . The BlackBerry Evolve X featured with vertically placed dual camera sensors and dual-tone LED flash on the back side.
The natural disaster felt in parts of neighbouring island Bali, one of the most popular tourist destinations in the region. A magnitude 7 quake struck off the north coast of Indonesia's island of Lombok, the Indonesian Meteorological Agency said.
Rates have gone up from 0.5% to 0.75% with the changes likely to affect millions of savers and borrowers . They typically last for two or five years - and of course the rate doesn't rise during that period.
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Any and all support helps keep DualShockers as a standalone, independent platform for less-mainstream opinions and news coverage. Call of Duty: Black Ops 4 is scheduled to release worldwide for PlayStation 4, Xbox One and PC on October 12th, 2018.
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The nominees selected in the primary will then have until Election Day on November 6 to campaign for their respective offices. While Black's bid fell short, Marsha Blackburn, her fellow Republican in Congress, did win her primary for statewide office.
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The United boss said: "I am confident I will get one, but I think two I am not going to get - which is not a drama". He told Sport Bild: "We have four wingers: Ribéry, Robben, Coman and Gnabry".
Healthcare added 34% fewer jobs in July
Another positive sign was the U-6, or underemployment rate, which fell to 7.5 percent, the lowest since 2001, from 7.8 percent. The U.S. unemployment rate dropped slightly in July, while job gains were lower than many analysts predicted.
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Their relationship, frosty in their primes, has thawed in recent years as age and life experiences have brought them closer . The purse has yet to be finalized, per Greenberg, but previously was reported to be $10 million.