Global News Of Note: Canada Preparing Tariffs Of Its Own

What happens abroad impacts MSCI members in North America. Here is the latest economic, trade, and other policy news of note for the last week:

• Canadian Prime Minister Justin Trudeau met with the 13 provincial premiers on January 15 to develop a strategy in the event that President Donald Trump follows through on threats to impose a 25 percent tariff on Canadian goods imported into the United States. While Canadian leaders themselves have made it clear they will retaliate, after the meeting federal and provincial government leaders did not reveal how they specifically plan to respond to tariffs, arguing they would prefer to keep their plans secret in case they have to negotiate with the Trump administration. Read more at this link. News of what products may be considered has leaked to the press, however, and, according to Transport Topics the list includes steel and aluminum products.
• As The New York Times reported, the Chinese government announced last week that its trade surplus reached nearly $1 trillion in 2024, mostly due to a higher level of exports. The country exported $3.58 trillion worth of goods and services while importing $2.59 trillion. When adjusted for inflation, the surplus “far exceeded any in the world in the past century, even those of export powerhouses like Germany, Japan or the United States,” The Times Read more at this link.
• China’s imports of unwrought aluminum and aluminum products fell 8.6 percent in December from the same month a year earlier to 300,000 metric tons. That compared to 280,000 tons imported in November. Imports for 2024 rose 22.5 percent to 3.75 million tons. Read more at this link.