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US singled out by G7 allies over steel and aluminium tariffs

04 June, 2018, 02:54 | Author: Kristen Ingram
  • Canada Trudeau Fundraiser

But, Trudeau said, the idea the Americans would even muse about the idea that its closest friend and ally could be a security threat is ridiculous.

Canada retaliated for the tariffs Thursday with $16.6 billion worth of "countermeasures" that hit a range of products from flat-rolled steel to playing cards, while Mexico also plans tariffs on a variety of US products, including flat steel.

Following the steel and aluminum tariffs, Canada, Mexico and the European Union responded with their own tariffs on US goods.

And referring to the decision as "insulting", Trudeau confirmed Canada would impose reciprocal tariffs on the U.S. The measures are particularly controversial for Canada and Mexico, America's NAFTA partners long-committed to free-trade with the US.

"As a key NORAD and North Atlantic Treaty Organisation ally of the United States, and as the number-one customer of American steel, Canada views the U.S. trade restrictions imposed on Canadian steel and aluminum as absolutely unacceptable", Freeland said. And in this case, on trade, the United States is an outlier.

"These tariffs may go on for a while or they may not.But to say that this is an attack on Canada is not right", Kudlow said.

Ottawa immediately hit back with proportional Can$16.6 billion ($12.8 billion US) in tariffs on U.S. steel and aluminum as well as consumer goods.

The US was on Saturday singled out by some of its closest allies over the imposition of tariffs that they warn would undermine open trade and weaken confidence in the global economy.

President Donald Trump's chief economic adviser is brushing off concerns over escalating trade disputes with a host of US allies as nothing but a "family quarrel".

Mexico, Canada, EU and China announced they will retaliate against the United States with tariffs of their own. The U.S. sells $2-billion more worth of steel on an annual basis to Canada than it buys from Canadian suppliers.

That summit, which will be hosted by Prime Minister Justin Trudeau, will also mark Trump's first visit to Canada as president.

Britain's International Trade Secretary Liam Fox said Theresa May would use the meeting to try to convince Mr Trump to back down from what he called an "illegal" maneouvre by the US.

German Finance Minister Olaf Scholz said G7 countries also told Mnuchin about their opposition to new USA sanctions on Iran, which will affect European companies.

Morneau has said Ottawa is buying the project from Kinder Morgan Canada in order to help the expansion overcome political risks. "We still have a few days to take the necessary steps to avoid a trade war between the EU and the US", Le Maire said, adding the European Union doesn't want a trade war. "We're going to be polite, but we're also not going to be pushed around", Trudeau said. General Motors was the in the U.S.in 2017 while Ford was number three.

The administration says the tariffs will boost American industries and correct unfair trade practices by other countries.

"They also discussed the North American Free Trade negotiations and agreed to continue working toward a mutually beneficial outcome".

One of the truths on tariffs is they increase costs for consumers and, besides that, they hurt USA and Canadian workers, considered the Prime Minister.



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