Canada's PM blasts Trump over 'national security' tariffs

04 June, 2018, 02:53 | Author: Roderick Gutierrez
  • Donald Trump hints at new deal

"The worldwide community is faced with significant economic and security issues, which are best addressed through a united front from G7 countries", said the summary, was agreed to by the ministers.

Not only did Trump step up trade penalties on China, announcing a few days ago that tariffs on $50 billion worth of Chinese goods would go forward, but he moved to impose tariffs on Canada, Mexico and the European Union, the U.S.' closest allies and trade partners.

After the USA announced tariffs on Thursday, Canada responded with retaliatory tariffs, taking "the strongest trade action Canada has taken in the post-war era", according to Canadian Foreign Affairs Minister Chrystia Freeland, while Trudeau said "we have to believe that at some point their common sense will prevail".

Earlier, Canadian Foreign Affairs Minister Chrystia Freeland announced that Ottawa is imposing retaliatory tariffs, which would be "the strongest trade action Canada has taken in the post-war era".

And referring to the decision as "insulting", Trudeau confirmed Canada would impose reciprocal tariffs on the U.S.

The tariffs also are complicating US efforts to gain cooperation to challenge China´s trade practices as US Commerce Secretary Wilbur Ross arrives in Beijing on Saturday for talks aimed at averting a US-China trade war.

The 25 percent steel and 10 percent aluminum tariffs were imposed this week on Mexico, Canada and the European Union after temporary exemptions expired.

The G-7 comprises Britain, Canada, France, Germany, Italy, Japan and the United States. "And I would just say to all of Canada's American friends - and there are so many - seriously?"

Canadian Prime Minister Justin Trudeau had also said Thursday that US Vice President Mike Pence had insisted on including a "sunset" privision - which would require the trade pact's renewal in five years - as a precondition for a meeting to handle out final details.


Kudlow acknowleged the dispute over trade could jeopardise a United States economy that is now "clicking on all cylinders" with surging growth and low unemployment.

In addition, tariffs against China could cost 134,000 U.S. jobs, steel and aluminum tariffs could cost 470,000 jobs, and tariffs on autos and auto parts could cost 157,000 jobs, Donohue warned.

After the Whistler meeting, the attending finance officials agreed on the need to take "decisive action" on the tariffs issue at the upcoming G7 summit in Charlevoix, Quebec.

He says, "this is what I regard as a family quarrel and the conversations are wide open and could well be solved in the months ahead as the conversations continue".

Le Maire said it is up to the U.S. to take action to rebuild confidence among G7 members and to avoid any escalation during the upcoming leaders' summit.

The Business Roundtable wrote in a blog post on Thursday that "these tariffs and increased costs have already caused harm to US businesses and workers", pointing to companies that have said the tariffs could force them to lay off employees to offset higher costs.

Mnuchin faced so much criticism from his counterparts that Japanese Finance Minister Taro Aso said he nearly "felt sorry" for the USA finance chief.

Mnuchin said however that trade was only of many subjects on the agenda, including crypto-currencies, taxation, Iranian nuclear sanctions and the forthcoming summit with North Korean leader Kim Jong Un. "We're going to be polite, but we're also not going to be pushed around", Trudeau said. "We are in a trade discussion to renegotiate NAFTA".

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