Forex
Canadian Dollar Rises as Canada Imposes Tariffs on US Imports Amid Iran-US Tensions
Canada's response to US President Trump's tariffs has taken effect, with Canadian Prime Minister Mark Carney imposing dollar-for-dollar tariffs on US imports. This move is expected to hurt both Canadians and Americans as they face higher gas prices due to the ongoing Iran conflict.
The Canadian economy lost 41,700 jobs in August, falling short of expectations for a 15,000 increase. The unemployment rate remained unchanged at 6.4%, with economists attributing the decline to a reversal of July's strong job gain.
In related news, commodity prices continue to rise, driven by Trump's tariff threats. Copper has reached fresh record highs and is up 17% for the year, while oil prices have surged due to the escalating Iran-US tensions.