BMW issues second profit warning in a year amid restructuring and China competition

■ Steady

China extends tariff-free treatment for Canadian canola, lobster and crab

On Wednesday Canada's government said China will extend tariff-free treatment for some Canadian agricultural and seafood products for another two years. A senior Democratic congressman said his party will work to end US tariffs on allies, including Canada, once it controls Congress next year. Canada-US trade talks have resumed, and the midterm result is seen in Canada as adding pressure on the White House to reach a deal, according to BBC reporting.

• BMW cut its profit margin forecast to between -0.5% and 0.5%, citing a restructuring that includes 8,000 job cuts and competition from China.
• Mercedes-Benz lowered its profit outlook last week.
• Rwanda and South Africa will lose duty-free US market access after being excluded from the AGOA trade program, and South Africa is bracing for some job losses.