Canada and Mexico Could Set Tariffs on U.S. Beef; Oil Prices Hit a Seven-Year Low
The World Trade Organization Monday said Canada and Mexico can implement tariffs just over $1 billion because of the U.S. Country of Origin Meat Labeling law. An arbitration panel announced the final ruling, which says COOL requirements have cost the U.S. trading partners more than $1 billion. That figure is less than what Canada and Mexico were seeking at $3 billion as the WTO said the export losses were less than claimed by the two countries. A Canadian agriculture official said “If the U.S. Senate does not take immediate action to repeal COOL for beef and pork, Canada will quickly take steps to retaliate.”
Oil priced continued their fall Monday, dipping near a seven-year low on expectations that producers around the world will continue pumping crude at near-record levels in an already oversupplied market. The Organization of the Petroleum Exporting Countries said at a meeting Friday that it will maintain its current production levels, which exceed the group’s output target of 30 million barrels a day. OPEC’s decision contributed to a broad selloff in energy Monday, as warm weather forecasts pushed natural-gas prices to multi-month lows. Oil prices are broadly expected to stay low in 2016 as the market remains oversupplied.