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Global Markets: Federal cabinet gets sworn in Wednesday

By MarketsFarm

WINNIPEG, Nov. 20 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Canadian Prime Minister Justin Trudeau reveals his new cabinet on Wednesday, a month after the country’s federal election. Expectations are Global Affairs Minister Chrystia Freeland will be shuffled to a revamped Intergovernmental Affairs, and Infrastructure Minister Francois-Philippe Champagne will take over from Freeland, according to media reports. Also, Indigenous Services Minister Seamus O’Regan is believed to be the next Natural Resources Minister. Fisheries Minister Jonathon Wilkinson is likely to become Environment Minister, with Rural Economic Development Minister Bernadette Jordan going to Fisheries. Canadian Heritage Minister Pablo Rodriguez is said to be the next Government House Leader with Steven Guilbeault moving into Heritage. The new cabinet will be sworn in at 12:30 CST.

– United States President Donald Trump made it clear on Tuesday that without a trade deal with China he will levy further tariffs on their imports effective Dec. 15. The two countries already have a partial agreement, Phase One, which has yet to be signed. Meanwhile, negotiations by teleconference have continued towards a comprehensive agreement. The U.S. has demanded China buy a set amount of agricultural products from them, while China countered that could harm their trading relations with other countries.

– Almost lost in the impeachment hearings in the U.S. House of Representatives has been the U.S.-Mexico-Canada Agreement (USMCA), which has yet to be ratified by the U.S. Among the demands from Democrats have been adjustments help protect labour, although the party indicated it’s willing to approve the deal in the near future. Republicans are using USMCA as a counter to the impeachment proceedings, accusing their opponents of being unfit to govern.

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