Canada hoping its tariff threat will prompt USA back down
Jun 03, 2018, 21:34
Finance ministers and central bank governors "had a frank exchange on the benefits of an open rules-based trading system and many highlighted the negative impact of unilateral trade actions by the United States", they said in a summary statement written by Canada.
On Sunday, during an interview with Fox News, White House economic adviser Larry Kudlow responded to Trudeau's comments saying that he didn't think these tariffs would impact the US "friendship and longstanding alliance with Canada".
The group's highly unusual public rebuke of one of its own members called out the USA for hefty steel and aluminum tariffs the Trump administration imposed in recent days on its G7 friends.
EUÂ foreign policy chief Federica Mogherini said the bloc would trigger a dispute settlement case at the WTO and also apply retaliatory tariffs.
Finance leaders of the closest U.S. allies vented anger over the Trump administration's metal import tariffs but ended a three-day meeting in Canada on Saturday with no solutions, setting the stage for a heated fight at the G7 summit next week in Quebec.
Finance leaders of the closest U.S. allies vented anger over the Trump administration's metal import tariffs on Saturday, ending a three-day meeting with a stern rebuke of Washington and setting up a heated fight at a G7 summit next week in Quebec.
At the same time, a Trump aide said Trudeau was "overreacting".
French finance and economy minister Bruno Le Maire said sessions had been "tense and tough" and that "I would say it's been far more a G6 plus one than a G7".
Kudlow noted that after the White House announcement of the tariffs, the United States still would welcome good-faith negotiations. But a Business Insider analysis found that the Canadian tariffs could apply to $15 billion or more in US goods. "I think that we've had a massive effort on tax reform in the United States which has had a incredible impact on the USA economy", Mnuchin said.
President Donald Trump on Friday floated the idea of replacing the North American Free Trade Agreement with two separate trade deals - one with Canada and one with Mexico - adding more uncertainly to trade talks between the three countries that appear to have ground to a halt.
Le Maire asked Mnuchin, "How can you get the Chinese to respect worldwide law if you don't?" one meeting participant said. Highly restrictive on Trade!
Trump has long railed against NAFTA, condemning it as a job-killing "disaster" that has decimated USA manufacturing.
He initially exempted Canada, Mexico and the European Union from the tariffs to allow time for negotiations.
In China, US Commerce Secretary Wilbur Ross was conducting trade talks with Chinese officials even as Washington finalizes planned sanctions on Beijing.
That meeting, which will be hosted by Canadian prime minister Justin Trudeau, will be Mr Trump's first visit to Canada as president. "We actually buy a lot of USA steel, bring it into Canada turn it into something else and send it back to the United States so we're actually helping the USA economy so we're one of the innocent bystanders stuck in the middle".
On Saturday and Sunday, Trump continued to sound off on the issue via Twitter.
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