Global News Of Note: Canadian Government Moves To End Port Strike

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 Labor Minister Steven MacKinnon has intervened to end strikes at ports in British Columbia and Montreal, which he said were significantly impacting supply chains, thousands of jobs, and Canada’s reputation as a reliable trading partner. “It is my duty and responsibility to act in the interest of businesses, workers, farmers, families and all Canadians,” MacKinnon argued. As Canadian Manufacturing noted, the minister’s move to end the strikes comes after the government also stepped in to end halted operations at Canada’s two main railways in August. According to The Wall Street Journal, the port shutdowns affected the movement of roughly $934.7 million in goods a day.
• Canadian Deputy Prime Minister Chrystia Freeland said she shares concerns voiced by U.S. policymakers about whether the Mexican government is allowing cheap Chinese imports, including steel and aluminum products, to flow through its system and into the United States. Freeland said, “I think the position on China is one area of clearly shared views and a shared approach between Canada and the United States. So that’s always going to be our focus.” Read more at the Financial Post.
• As Reuters reported, the Chinese government is canceling export tax rebates for some commodities, including aluminum and copper products, effective Dec. 1, 2024. The country’s finance ministry also said will reduce the export tax rebate rate for some refined oil products, photovoltaics, batteries, and certain non-metallic mineral products.