The Kingdom of Saudi Arabia is reportedly selling off its assets in Canada and will stop buying Canadian wheat and barley, in the latest escalation in the sudden diplomatic dispute between the two countries.
Saudi Arabia's main state wheat buying agency has told grains exporters it will no longer buy Canadian wheat and barley.
China is imposing additional tariffs of 25 per cent on $16 billion US worth of U.S. imports from fuel and steel products to autos and medical equipment, the Chinese commerce ministry said, as the world's largest economies escalated their trade dispute.
Mexican officials went out of their way yesterday to tell their Canadian counterparts not to read anything into the fact that their trade negotiators and the Americans are meeting bilaterally in Washington on Friday — that the new government in Mexico City isn't planning to cut a separate deal with the U.S. outside of NAFTA.
Canada plans to convene a meeting of trade ministers to discuss how to reform the troubled World Trade Organization but the United States and China will be left out for now, an official said on Friday.
The WTO is facing an increasingly serious crisis amid complaints by U.S. President Donald Trump that the body is biased against the United States.
Canada will join Mexico and European and Asian auto-producing countries this week to plot strategy ahead of the potential imposition of tariffs on vehicles and auto parts exported to the United States.
