Guy Kilty

Canada and China repair their relationship with a new trade deal.

Live from the UK, this is the Marketplace Morning Report from the BBC World Service.

I'm Guy Kilty.

Good morning.

Canadian Prime Minister Mark Carney and Chinese leader Xi Jinping have announced a new strategic partnership between the two countries in Beijing.

The two sides have signed an agreement to cooperate on clean energy and fossil fuels and lower import tariffs on a range of products.

James Griffith is Asia correspondent for the Canadian newspaper The Globe and Mail and has been following this story closely.

James, thanks very much for joining us on Marketplace.

So we now know that Canada and China have agreed a new strategic partnership.

Just run us through some of the details.

And how significant a deal is it for both sides?

And it's a fairly big change for both sides, isn't it, too?

Because I think I'm right in saying that relations between the two countries haven't exactly been brilliant for the last few years.

James, thanks very much for joining us on Marketplace.

Let's do the numbers.

Oil prices fell more than 4% on Thursday as the threat of a US attack on Iran appeared less likely.

Iran produces about 3% of the world's oil and exports 2 million barrels of crude a day, almost all to China.

The United States and Taiwan have reached a trade agreement that reduces import taxes on goods from the island while increasing Taiwan's technology investment in the U.S.

Washington's Commerce Department said tariffs on most Taiwanese goods will be lowered from 20 to 15 percent.

In return, it says Taiwanese firms will invest $250 billion in the U.S.