Trump, Trudeau tariff phone call gets testy after War of 1812 mention

07 June, 2018, 11:33 | Author: Barbara Daniel
  • Justin Trudeau

As of May 31, they've all expired, and the US government decided not to renew them. President Trump believes it "rips off" America and reduces US power.

The Mexican peso dropped to its weakest level since February 2017 following the government's announcement, to trade at more than 20 to the United States dollar.

The meeting on Friday and Saturday in Charlevoix, Quebec, will be the first chance G7 leaders have had to confront Trump in person since USA tariffs on steel and aluminum imports from Canada, Mexico and the European Union were imposed last week.

Prime Minister Justin Trudeau and Mexican President Enrique Pena Nieto renewed their commitment to NAFTA last week after the tariffs were imposed.

Critics of Trump's trade policies fret that the president is undermining the very system on which America and the global economy rely.

The list includes whisky, cheese, steel, bourbon, and pork.

"This is a gut punch to Virginia farmers, who exported more than $68 million in pork to Mexico previous year", Sen. It says that 25% of USA pork exports previous year went to Mexico.

The remarks are likely to create more economic uncertainty between Canada and the USA following Trump's imposition of steel and aluminum tariffs that now affect imports from this country, Mexico and Europe.

Economy Secretary Ildefonso Guajardo said that Mexico would now "surely" look to import more pork from Europe. The moves follow a similar announcement from Canada. Importers have already seen rising costs due to the weakening peso against the USA dollar - and the currency may devalue further in response to the ongoing trade dispute between the two countries.

However, one Mexican producer disagrees with Hernández's assessment that pork prices won't rise.

Mr Mnuchin's support of legislation restricting Chinese investments that imperil the US's national security is among his highest priorities, a Treasury spokesman said Tuesday.

"If you do not sanction an American president who behaves like this, every president and administration after this will think that trade policy is something you can easily mess with", Kierkegaard said.

"In no way is this [tariff list] publication revenge".

Mexico is the state's top foreign market for apples, and growers "still have a good deal of fruit left to sell" from the 2017 crop, said Mark Powers of the Northwest Horticultural Council.

Canada and Mexico already have retaliated against a range of US exports and the European Union has promised to do so as well, raising the specter of a tit-for-tat escalation.

The change in negotiations from multilateral to bilateral could come swiftly. Canada, Japan, Germany, the United Kingdom, France and Italy (six of the G-7) are in accord in pushing back strongly against Trump's aluminum and steel tariffs, though concerted retaliation if necessary.

Apples are one of 71 US products targeted by Mexico, which is also in talks with the United States and Canada to renegotiate the North American Free Trade Agreement.

After returning from the G-7 finance ministers summit in Canada, Mnuchin made the case that the USA has a $2 billion steel surplus with Canada and a almost $26 billion services surplus, and should consider making an exemption for its northern neighbor, according to the sources.

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