Friday's business news
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What is the main topic discussed in this episode?
Breakfast Business with Enterprise Ireland on Newstalk.
What are the main business stories discussed in today's episode?
But first, let's have a look at the main business stories in the newspapers and websites, which we shall do in the superlative company of Kate English, the chief economist with Deloitte. Good morning, Kate.
Good morning, Joe.
Are you in Cork?
I am in Cork this morning. Yes, well remembered.
Are you down for the jazz festival?
You know what? I would love to say I'm staying here for the whole weekend, but I am unfortunately not. I'll get a little bit of jazz in today and then I am home to Tipperary for the weekend.
Indeed. Lovely. I hope we get decent weather in this long bank holiday weekend. I'm heading to Cork myself this evening. Wish me luck on the M50 this afternoon. Should be great fun. Anyway, let's talk about something that was announced overnight. And it is, of course, the Donald. He's had something to say about trade talks with Canada.
Yeah, so breaking news this morning, I suppose. What have we seen with trade tariffs so far this year? We know that there's a lot of movements in it and we've often had mornings where we've woken up to new news and changes in the tariff environment. And although there's a feeling that the global trade environment is a little bit more settled now than what it was certainly back in April or June of this year, it's a bit of a reminder. that it's not the end of trade negotiations or trade tariffs. So the news announced that potential pause or cancellation in trade negotiations between the US and Canada. This is breaking news. When we look at it, we see, I suppose, About roughly 85% of cross-border trade in both directions between the US and Canada at the minute remains tariff-free.
So what impact does this have? Well, it's really Canada's steel and automotive industry are the two sectors that remain kind of highest hit by tariffs internationally. increased tariffs that have been introduced since the start of this year. Canada is still the second largest trading partner for the US. So I suppose the outcomes of such negotiations will continue to be closely monitored. What have we seen in markets so far? There's been a very little movement, being honest, so far this morning. A little bit of movement in the dollar, the Canadian dollar, so has decreased in value against the US dollar off the back of if these trade negotiations were indeed to be cancelled altogether or to be paused.
But I think certainly one that's a little bit too early to tell at the minute. And let's see how it moves in markets throughout the day.
And if you needed a reminder, and if you needed one, which I suspect you don't, how petty Donald is, the reason he's cancelling the talks is because he didn't like an advert that was put out by the province of Ontario featuring the great late President Ronald Reagan, who is very much anti-tariff. That's how petty we are. Let's stay with the US, but move a little bit further afield. The sanctions on Russian oil giants, Rosneft and Luke Oil, could have an immense impact if China and India stop buying Russian oil. And the Chinese are already starting to hint at that.
Yeah. So we saw this week sanctions announced on potential Russian oil exports, as you said there.
What recent developments have occurred in US-Canada trade negotiations?
And I suppose why the focus on India and China? Well, India and China currently are the two largest buyers of Russian crude oil. China are estimated to account for about 38 percent of exports there. Sorry, about 47%, with India being a little bit lower of that at 38%. So with this, all eyes now are on how sanctions will affect supply and will affect the price of oil across the world. It seems to be a little bit of movement that India will pull back those purchases of Russian crude oil, while we're yet waiting to see, I suppose, what move will come from China. But as I said, all eyes now sit on what do that do for prices. We've seen quite a lot of movement in oil prices in the last day alone. So yesterday, with the end of trading closing down,
about $61.59 a barrel. But for context, that's a substantial rise on a daily basis.
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