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Posted by On 5:23 PM

Trump tariffs latest: US ambassador to Canada receives death threat and white powder as trade war looms

The US Ambassador to Canada received death threats after tensions increased between US President Donald Trump and Canadian Prime Minister Justin Trudeau over the issue of tariffs.

Ambassador Kelly Craft received a package containing a death threat and white powder. The package was addressed to the US Embassy in Ottawa, however, it was discovered at her residence.

The package came with a note, filled with expletives, that also threatened Mr Trump and his family in addition to Ms Kra ft, according to reports. The Secret Service, Ottawa police, and the US Embassy did not publicly addressed the matter or respond immediately to a request for comment.

Police are investigating and a test of the powder determined it was not harmful. Mr Trudeau and other officials have reached out and offered support to Ms Kraft and her family.

Canada’s Minister of Foreign Affairs Chrystia Freeland tweeted that it was “wholly unacceptable” and that Ms Kraft “does an essential and difficult job and Canada respects her service”. The pair had just held a meeting regarding US tariffs.

The threat, first reported by Bloomberg News, comes as Mr Trump and Mr Trudeau just attended the Group of Seven (G7) summit in Quebec, after which Mr Trump said his Canadian counterpart was “dishonest and weak”.

Canadian PM Trudeau says new tariffs announced Trump are unacceptable

Mr Trudeau had expressed anger that tariffs had been placed on the longtime US ally and neighbour’s steel and aluminium under the guise of national security concerns.

The US has also placed duties on Canadian softwood lumber and Mr Trump has repeatedly complained that dairy imports are harming the US sector.

In turn, Canada has placed a “dollar-for-dollar” tariff on US steel, aluminium, and whiskies, Bloomberg reported.

World news in pictures

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1/50 Juan Carlos Osorio celebrates a famous victory

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US President Donald Trump shakes hands with North Korean leader Kim Jong Un during their historic meeting at the Capella Hotel on Sentosa island in Singapore. Reuters

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19/50 31 May 2018

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20/50 30 May 2018

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21/50 29 May 2018

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22/50 28 May 2018

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29/50 21 May 2018

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Russian President Vladimir Putin walks before his President inauguration ceremony at the Kremlin in Moscow. Reuters

44/50 6 May 2018

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Mr Trump had said originally that he would sign on to the joint communique issued after every G7 meeting, but rescinded just before departing for his Singapore summit with North Korean leader Kim Jong-un.

Adding fuel to the fire, White House trade adviser Peter Navarro went on Fox News and said there was a “special place in hell” for Mr Trudeau. He later apologised.

Larry Kudlow, Mr Trump’s economic adviser, said Canada had “kind of stabbed [the US] in the back”.

The threat also comes at a time when some Canadian politicians have said they will boycott Ms Kraft’s 4 July celebration in honour of American independence, typically the largest event the envoy hosts annually due to the dispute over tariffs and the ongoing re-negotiations for the North American Free Trade Agreement (Nafta).

Source: Google News Canada | Netizen 24 Canada

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Posted by On 5:23 PM

Will proposed tariffs on Canada, EU impact NH?

Advertisement Will proposed tariffs on Canada, EU impact NH? Hide Transcript Show Transcript WEBVTT WELCOME TO NEW HAMPSHIRE'S BUSINESS. I'M FRED KOCUR. YOU KNOW THE TRUCKS THAT CARRY THE BIG LOGS IN NEW HAMPSHIRE IF YOU'RE ON THE ROADS IN NEW HAMPSHIRE, ESPECIALLY IF YOU GO UP NORTH TO SEE THE TRUCKS WITH THE LOGS ON THEM, THEY'RE GOING UP NORTH AND IT'S BETWEEN THAT AND THE TARIFFS PROPOSAL. FIRST, LET'S TAKE A GENERAL LOOK AT EXPORTS, IMPORTS IN NEW HAMPSHIRE AND WHAT IT MEANS. 5.1 BILLION DOLLARS OF EXPORT ACTIVITIES AND HERE ARE THE MAIN EXPORT MARKETS FOR NEW HAMPSHIRE. CANDIDATE NUMBER ONE, CANADA, MEXICO, IRELAND, GERMANY. THE TOP GOODS THAT ARE EXPORTED AND TRADEDMENT COMPUTER AND ELECTRONIC PRODUCTS, MACHINERY, TRANSPORTATION EQUIPMENT, ELECTRICAL EQ UIPMENT AND CHEMICALSMENT NOW THESE, THEY'RE SOME OF THE PRODUCTS, INTERESTING PRODUCTS, I MIGHT SAY, THAT EXPORT FROM NEW HAMPSHIRE TO CANADA. CERAMIC PRODUCTS, IRON STEEL ARTICLES, FLOUR AND BAKERSWARES, AND IMPORTS FROM CANADA, WOVEN PRODUCTS AND TAPESTRTAPESTRIES, TRYING TO MAKE SOME SENSE WHAT'S GOING ON IS FROM THE NEW HAMPSHIRE ECONOMIC DEVELOPMENT. NICE TO HAVE YOU HERE. >> WHAT ARE YOU HEARING ABOUT THE TARIFFS, ANY OF THE TARIFFS? >> SO FAR WE HAVEN'T HEARD A WHOLE LOT. IT'S TOO EARLY IN THE PROCESS WITH THE TARIFFS ON CANADIAN PRODUCTS AND NOW THE MOST RECENTLY THE AMOUNT OF TARIFFS ON CHINA. SO, IT'S-- I THINK THAT THERE IS SOME SCUTTLEBUTT OUT IN THE MARKETPLACE IN NEW HAMPSHIRE. BUSINESSES ARE THINKING ABOUT THIS AND THERE'S SOME GENERAL CONCERN, BUT NOBODY REALLY KNOWS WHERE THIS IS GOING YET AND ONE OF THE THINGS THAT WE HAVE TO KEEP IN MIND IS THAT WE HAVE A VERY STRONG SUPPLY CHAIN IN NEW HAMPSHIRE THAT GOES UP TO CANADA AN D COMES BACK, DOWN TO MEXICO AND SO ON AND SO FORTH. >> THAT'S A KEY WORD YOU JUST SAID, SUPPLY CHAIN. THAT IS SO KEY AND THAT IS REALLY WHAT'S BEEN DISRUPTED BY THE TARIFFS, AT LEAST WE THINK IT HAS. >> IT MAY BE, IT MAY BE DISRUPTED SO THERE MAY BE SOME INCREMENTAL COST TO PEOPLE WHO-- COMPANIES THAT WORK WITH ALUMINUM AND STEEL, BUT WE DON'T KNOW HOW MUCH OF AN IMPACT THAT'S GOING TO HAVE YET AND WHETHER THE-- IF THERE IS AN INCREMENTAL COST TO WHAT THEY PRODUCE, WHETHER THEY'RE GOING TO HAVE TO EAT THAT AS A COST OR WHETHER THEY CAN PASS THAT ONTO THEIR CUSTOMERS. >> LAST YEAR, OF COURSE, A TARIFF WAS PUT ON LUMBER, SOFT LUMBER FROM CANADA, AND ANYWHERE BETWEEN 3 AND 24% ON LUMBER COMING INTO NEW HAMPSHIRE, INTO THE UNITED STATES FROM CANADA. BUT, WHAT'S INTERESTING IS THE GRAPHIC I'M GOING TO PUT UP HERE, I'D LIKE YOU TO COMMENT ON IT BECAUSE IT'S A TWO-WAY STREET. CANADIAN SAW MILLS BUY NEW HAMPSHIRE LOGS AND TURN THEM INTO LUMBER AT A FAR LOWER COST THAN AMERICAN SAW MILLS, BECAUSE OF GOVERNMENT SUBSIDIES. AND SOLD AS CANADIAN LUMBER WHICH CUTS THE AMERICAN PROCESSORS AND THIS, A AND B LUMBER COMPANY IN PEMBROKE, MAJORITY OF SOFT MIDDLE WOODS COME FROM CANADA. DILEMMA? >> WELL, THE DILEMMA IS THAT WE ARE, YOU KNOW, DISRUPTING THE MARKETPLACE IN THAT, IF WE IMPOSE TARIFFS ON PRODUCTS COMING IN, I MEAN, THIS IS A VERY CONVOLUTED MARKET. AGAIN, LIKE YOU SAID, THERE ARE PRODUCTS PRODUCED HERE GOING INTO CANADA AND COMING BACK AS CANADIAN PRODUCT. IF WE PUT TARIFFS ON THOSE PRODUCTS, WE'RE PUTTING TARIFFS ON OUR OWN PRODUCTS THAT WE EXPORT TO THEM. SO THE PEOPLE WHO GET HARMED ARE THE HOME BUYERS AND IN THAT MARKET. >> TO THAT POINT NATIONAL ASSOCIATION OF HOME BUILDERS, I JUST FOUND THIS OUT, IS PREDICTING A 4.2% INCREASE IN HOME PRICES FROM THE TARIFFS THAT HAVE BEEN IMPOSED AND THAT JUST CAME OUT IN THE LAST FEW DAYS. SO, YOU'RE RIGHT. >> YEAH, AND THERE WILL BE SOM E INCREMENTAL COST FOR THE END-- FOR THE END BUYER, WHICH IS THE HOME BUYER, THEY MAY HAVE TO PAY SEVERAL THOUSANDS OF DOLLARS MORE THAN THEY WOULD NORMALLY PAY BECAUSE OF THOSE INCREMENTAL COSTS. >> AS WE FIND THE IMPACTS HITTING, WE'RE GOING TO COME BACK TO THIS IN THE FUTURE SEGMENTS, BUT THANKS, WILL, FROM ECONOMIC DEVELOPMENT. WE'LL FOLLOW THIS TARIFF STORY UNTIL WE FIND OUT WHAT THE REAL IMPACT IS GOING TO BE. YOU CAN GO TO WMUR.COM TO LISTEN TO THE INTERVIEW AGAIN AND UP IN THE LEFT- Will proposed tariffs on Canada, EU impact NH?

Fred Kocher sits down with Will Arvelo, Director of the NH Division of Economic Development, to discuss if U.S. tariffs on Canada and Europe will impact NH and New England

AdvertisementSource: Google News Canada | < a href="http://www.canada.netizen24.com/search?q=Canada" target="blank">Netizen 24 Canada

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Posted by On 5:23 PM

Ramifications of a trade war: Experts look at the numbers for Canada

A new analysis of escalating trade disputes involving the United States warns that a deterioration into an all-out, global trade war would knock North America’s economies into recession.

The report by Scotiabank said if the U.S. breaks all trade ties with its partners â€" and imposes across-the-board tariffs that average 20 per cent â€" then Canada and Mexico would see their economies contract in 2020.

For Canada, it predicts the economy would shrink 1.8 per cent.

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“A ramp-up in protectionism in the U.S. results in a negative impact on growth in each of the NAFTA partners’ economies,” said the report, co-authored by Scotiabank’s Brett House, Juan Manuel Herrera, Rene Lalonde and Nikita Perevalov.

This worst-case scenario is one of several potential outcomes examined by Scotiabank.

Experts have been trying to gauge the economic consequences of the intensifying trade fight between the Trump administration and traditional American allies like Canada.

Earlier this month, the U.S. imposed significant tariffs on steel and aluminum imports from other countries, including Canada, Mexico and the European Union. Washington is now threatening to introduce more duties â€" this time on automobiles.

The move has infuriated allies and has prompted them to retaliate with tariffs of their own on U.S. imports.

On Friday, U.S. President Donald Trump went further by slapping a 25-per-cent tariff on up to US$50-billion worth of goods from China. The tariffs are set to take effect July 6 and would push the world’s two largest economies closer to a trade war.

Throughout this turbulence, a separate economic sting related to uncertainty has persisted as Canada, Mexico and the U.S. have largely stalled in their efforts to renegotiate the North American free-trad e agreement.

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As experts try to get a handle on the economic impacts, here are some telling numbers about the deepening trade battle:

  • 0.2 percentage points â€" the reduction to Canada’s growth in gross domestic product in 2019, if NAFTA falls apart and 3.8 per cent tariffs are imposed across the board, according to Scotiabank’s recent report.
  • 0.4 percentage points â€" the reduction to Canada’s GDP growth in 2020, if NAFTA falls apart and 3.8 per cent tariffs are imposed across the board.
  • 0.2 percentage points â€" the reduction to Canada’s GDP growth next year, if NAFTA talks extend past the second quarter of 2019 and tariffs on steel, aluminum and autos are in place, Scotiabank estimates.
  • 1.8 per cent â€" the size of the contraction for the Canadian economy in 2020 if the U.S. launches an “all out” global trade war with an average of 20-per-cent tariffs across the board with all partners, according to Scotiabank.
  • 3.1 per cent â€" the share of Canada’s total merchandise exports affected by U.S. steel and aluminum tariffs, according to data provided by Export Development Canada’s deputy chief economist Stephen Tapp.
  • 0.7 per cent â€" the share of Mexico’s total merchandise exports affected by U.S. steel and aluminum tariffs.
  • 0.4 per cent â€" the share of the EU’s total merchandise exports affected by U.S. steel and aluminum tariffs.
  • 0.1 per cent â€" the share of China’s total merchandise exports affected by U.S. steel and aluminum tariffs.
  • US$12.4-billion â€" the value of Canada’s steel and aluminum exports to the United States in 2017, according to Mr. Tapp.
  • US$2.9-billion â€" the value of Mexico’s steel and aluminum exports to the United States in 2017.
  • US$7.7-billion â€" the value of the EU’s steel and aluminum exports to t he United States in 2017.
  • US$2.8-billion â€" the value of China’s steel and aluminum exports to the United States in 2017.
Source: Google News Canada | Netizen 24 Canada

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Posted by On 12:51 AM

Trump's Tweets Slam Canada and Trudeau Anew from Singapore

QUEBEC CITY (AP) â€" President Donald Trump took more swipes at Canada and its prime minister over trade issues as he settled in for a summit with North Korea in Singapore, contending that “Fair Trade is now to be called Fool Trade if it is not Reciprocal.”

Trump roiled the Group of Seven meeting in Canada by first agreeing to a group statement on trade only to withdraw from it while complaining that he had been blindsided by Canadian Prime Minister Justin Trudeau’s criticism of Trump’s tariff threats at a summit-ending news conference. As he flew from Canada to Singapore Saturday night, Trump displayed his ire via Twitter, which he also employed to insult Trudeau as “dishonest” and “weak.”

The attack on a longtime ally and its leader drew sharp criticism. German Chancellor Angela Merkel, who also attended the summit, told German public television that she found Trump ’s tweet disavowing the G-7 statement “sobering” and “a little depressing.” Merkel also said the European Union would “act” against the U.S. trade measures.

Unbowed, Trump tweeted anew Monday morning from Singapore: “Fair Trade is now to be called Fool Trade if it is not Reciprocal. According to a Canada release, they make almost 100 Billion Dollars in Trade with U.S. (guess they were bragging and got caught!). Minimum is 17B. Tax Dairy from us at 270%. Then Justin acts hurt when called out!”

He added: “Why should I, as President of the United States, allow countries to continue to make Massive Trade Surpluses, as they have for decades, while our Farmers, Workers & Taxpayers have such a big and unfair price to pay? Not fair to the PEOPLE of America! $800 Billion Trade Deficit…And add to that the fact that the U.S. pays close to the entire cost of NATO-protecting many of these same countries that rip us off on Trade (t hey pay only a fraction of the cost-and laugh!). The European Union had a $151 Billion Surplus-should pay much more for Military!”

And he brought in Merkel’s government: ….Germany pays 1% (slowly) of GDP towards NATO, while we pay 4% of a MUCH larger GDP. Does anybody believe that makes sense? We protect Europe (which is good) at great financial loss, and then get unfairly clobbered on Trade. Change is coming!”

Earlier, the White House escalated the initial tirade and leveled more withering and unprecedented criticism against Trudeau, branding him a back-stabber unworthy of Trump’s time.

“There’s a special place in hell for any foreign leader that engages in bad faith diplomacy with President Donald J. Trump and then tries to stab him in the back on the way out the door,” Trump trade adviser Peter Navarro said in an interview nationally broadcast Sunday in the United States.

Canada’s foreign minister, Chrystia Freeland, said her country “does not conduct its diplomacy through ad hominem attacks.”

The verbal volleys by Navarro and Trump’s top economic adviser, Larry Kudlow, picked up where Trump had left off Saturday evening. Kudlow suggested Trump saw Trudeau as trying to weaken his hand before that meeting, saying the president won’t “let a Canadian prime minister push him around. … Kim must not see American weakness.” Kudlow was referring to North Korean leader Kim Jong Un.

Trudeau, who had said at the news conference that Canada would retaliate for new U.S. tariffs, didn’t respond to questions about Trump when the prime minister arrived at a Quebec City hotel Sunday for meetings with other world leaders. Freeland later told reporters that “we don’t think that’s a useful or productive way to do business.”

A Trudeau spokesman, Cameron Ahmad, said Saturday night that Trudeau “said nothing he hasn’t said before â€" both in public and in privat e conversations” with Trump.

And Roland Paris, a former foreign policy adviser to Trudeau, jabbed at Trump on Twitter: “Big tough guy once he’s back on his airplane. Can’t do it in person. … He’s a pathetic little man-child.”

Trudeau said he had reiterated to Trump, who left the G-7 meeting before it ended, that tariffs would harm industries and workers on both sides of the U.S.-Canada border. Trudeau told reporters that imposing retaliatory measures “is not something I relish doing” but that he wouldn’t hesitate to do so because “I will always protect Canadian workers and Canadian interests.”

Navarro, the Trump trade adviser, said his harsh assessment of what “bad faith” Trudeau did with “that stunt press conference” on Saturday “comes right from Air Force One.”

He said Trump “did the courtesy to Justin Trudeau to travel up to Quebec for that summit. He had other things, bigger things, on hi s plate in Singapore. … He did him a favor and he was even willing to sign that socialist communique. And what did Trudeau do as soon as the plane took off from Canadian airspace? Trudeau stuck our president in the back. That will not stand.”

Kudlow, in a separate TV appearance, said Trudeau was “polarizing” and “really kind of stabbed us in the back.” The Canadian leader pulled a “sophomoric political stunt for domestic consumption,” Kudlow said, that amounted to “a betrayal.”

“Don’t blame Trump. It was Trudeau who started blasting Trump after he left, after the deals had been made.” Kudlow said Trump won’t let people “take pot shots at him” and that Trudeau “should’ve known better.”

But the criticism left a former Canadian prime minister, Stephen Harper, stumped. “I don’t understand the obsession with trade relations with Canada,” he said, given that Canada is the biggest single buyer of American goods and services i n the world. From promoting democracy and to fighting terrorism, “we’re on the same page. We’re the closest partners in the world and you don’t want to see a dispute over one particular issue poison everything.”

Trudeau had said Canadians “are polite, we’re reasonable, but also we will not be pushed around.” He described all seven leaders coming together to sign the joint declaration despite having “some strong, firm conversations on trade, and specifically on American tariffs.”

In the air by then, Trump tweeted: “Based on Justin’s false statements at his news conference, and the fact that Canada is charging massive Tariffs to our U.S. farmers, workers and companies, I have instructed our U.S. Reps not to endorse the Communique as we look at Tariffs on automobiles flooding the U.S. Market!”

He followed up by tweeting: “PM Justin Trudeau of Canada acted so meek and mild during our @G7 meetings only to give a ne ws conference after I left saying that, “US Tariffs were kind of insulting” and he “will not be pushed around.” Very dishonest & weak. Our Tariffs are in response to his of 270% on dairy!”

Navarro appeared on “Fox News Sunday,” and Kudlow was on CNN’s “State of the Union” and CBS’ “Face the Nation” and Harper spoke on Fox’s “Sunday Morning Futures.”

Source: Google News Canada | Netizen 24 Canada

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Posted by On 12:51 AM

O Canada

I’m among the subset of economists who worries about the U.S. trade deficit. I have even argued that America’s alliesâ€"not Chinaâ€"now account for the bulk of the world’s trade surplus, and changes to their fiscal and currency policies have to be a part of any sustained reduction in the overall U.S. trade deficit.*

More From Our Experts Edward Alden World Leaders Didn’t Take Trump at His Word on Trade. Now They’re in a Pickle. James M. Lindsay The Empty Throne Thomas J. Bollyky Plagues and the Paradox of Progress

And I’m baffled by Trump’s focus on Canada.

More on:

Canada

United States

Trade

Donald Trump

Yes, Canada has some high tariffs on a few specific commodities. And by and large Canada’s instances of protection are directed against the U.S. The U.S. has some sectors that it protects too. That’s all part of the “embedded liberalism” compromise.

I also tracked the negotiations over a new NAFTA somewhat closely, so I was aware of the building tension between Canada and the United States.

But on every metric that the U.S. should care about Canada is one of the good guys.

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Overall U.S. Trade vs. Trade With Canada

Trump claims to care about the bilateral balance. Yet trade with Canada is basically balanced. Look at the U.S. data on trade in good s, or on trade in goods and services. There are other, much more obvious targets** ...

U.S. Bilateral Goods and Services Balances

Trump claims to care about U.S. manufacturing. Yet, Canada is one the rare countries where the U.S. runs a substantial surplus in manufactures.

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U.S. Manufacturing Trade Balances

In fact, the U.S. increasingly imports energy and other resources from Canada in exchange for manufactures. And since a lot of Canada’s oil is “trapped” by the Rocky mountains and has no signficant outlet to global markets without traversing the U.S. pipeline network, the U.S. gets that oil on really good terms too. (Check out exhibit 17b of the annual trade release. The average price of oil imports from Canada in 2017 was in the low 40s, well below global benchmarks â€" helping to keep the overall U.S. oil import price down).***

So when it comes to trade with Canada, there is a good case that the U.S. is the one now winning.

Trump hasn’t ever really focused on global current account imbalancesâ€"that’s too diplomatic a term for his taste. But on that metric too, Canada is on the side of the angels. It runs an overall current account deficit of about 3% of its GDP.

Current Account Balances

Canada's overall external deficit takes some of the pressure off the U.S. to generate the demand needed to offset the still large surpluses of Japan, Korea, Taiwan, most of Europe, and yes, China.

Global Current Account Balances

So tell me again, what’s the strategy here? Why Canada?

This simply isn’t the fight the U.S. should be fighting.

*/ The bilateral U.S. balance with China overstates China’s contribution to the overall global current account imbalance and the U.S. trade deficit, as China’s surplus has embedded in it a decent am ount of Korea, Japanese, and Taiwanese content. Conversely, the bilateral data with Korea, Taiwan, and to a lesser degree Japan understates their contribution to aggregate imbalances. That said, the bilateral data isn’t entirely divorced from the aggregate dataâ€"with both Asia and Europe running overall surpluses, the world needs a sizeable U.S. deficit for global trade to balance.

**/ Bilateral data for goods and services trade with emerging economies only starts in 1999.

***/ The average price of the more than 3 mbd that the U.S. imported from Canada was just over $41 a barrel in 2017. That is about $8 a barrel less than the average import price from OPEC countries. The Canadian discount is a big reason why the overall U.S. import price in 2017 was $46 a barrel, though it also reflects the “heaviness” of Canada’s export mix. Yet even relative to Mexican heavy crude, Canadian heavy (West Canadian Select) trades at a discount.

UpSource: Google News Canada | Netizen 24 Canada