The Biden administration is expected to issue new tariffs on Chinese-made medical devices like syringes and personal protective equipment when it unveils its new trade strategy next week, according to two sources familiar with the decision. President Joe Biden is set to announce new China tariffs as soon as next week targeting strategic sectors including electric vehicles, solar panels and steel. The size and the scale of the tariffs on medical equipment is unclear.
Canada's Pembina Pipeline Corp is not spending much time considering investment in the newly expanded Trans Mountain oil pipeline (TMX) due to uncertainty around shipping tolls, a company executive said on Friday. Calgary-based Pembina formed a partnership with an Indigenous organization, Western Indigenous Pipeline Group, in 2021 to pursue buying a stake in the Canadian government-owned pipeline, but in recent months has played down the idea of investing in the project.
A gauge of global equity markets closed in on a record high on Friday in anticipation of central bank interest rate cuts and strong corporate earnings, while the dollar rose despite signs of slowing U.S. economic growth. Driving Wall Street higher are better-than-expected U.S. corporate results and the potential for the Federal Reserve to cut interest rates this year, said Thomas Hayes, chairman and managing member at Great Hill Capital LLC in New York. The dollar pared initial declines and turned modestly higher as investors assessed a reading on U.S. consumer sentiment and sifted through a flurry of comments from Fed officials.
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