Senior Democrat vows to end Trump's tariffs on allies including Canada

■ Steady

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

On Wednesday, Canada's federal government said China will extend the soon-to-expire tariff-free treatment for some Canadian agricultural and seafood products for another two years. Also on Wednesday, a senior Democratic congressman vowed to work to end U.S. tariffs on allies, including Canada, once his party controls Congress next year. BMW cut its profit margin forecast, its second profit warning in a year. Earlier in the week, Rwanda and South Africa lost duty-free US market access.

• Canada-US trade talks have resumed, and the Democratic midterm victory is seen as adding pressure on the White House to reach a deal, according to BBC reporting.
• BMW cut its margin forecast to between -0.5% and 0.5% for the year, citing restructuring costs that include 8,000 job cuts and competition from China. Mercedes-Benz lowered its profit outlook last week.
• On Tuesday, Rwanda and South Africa were reported to be losing duty-free US access after being excluded from the AGOA trade program, and South Africa is bracing for some job losses.
• A report published Monday says China is making it harder for other countries to reduce their dependence on its solar, drone and drugmaking technology.