Trudeau slams Trump’s tariffs as ‘insulting’ to Canada

Trade war looms as China sends warning to US after damp squib trade talks

Trade war looms as China sends warning to US after damp squib trade talks

Beginning this month, US President Donald Trump has imposed a 25 per cent tariff on import of steel from Canada and another 15 per cent on aluminum using the "national security interest" provisions of the existing American laws.

But White House economic adviser Larry Kudlow said the Canadian leader is "overreacting" to the tariffs.

Per the Washington Post, Trump has said that the tariffs are necessary for USA protection, though they have been criticized by groups as disparate as foreign leaders, American business leaders, and American labor organizations. Trudeau, in an interview with NBC's "Meet the Press," called that reasoning "quite frankly insulting and unacceptable", considering the two countries' long history of military cooperation.

The escalating trade war could lead to significant fallout for the oil market, although for now, the extent to which it impacts demand is unclear.

Japanese Finance Minister Taro Aso said that direct discussions between Prime Minister Shinzo Abe and Trump may help resolve the issue, though Japan has refused to accept import quotas.

"It has been a tense and tough G7 - I would say it's been far more a G6 plus one than a G7", said Le Maire, who called the tariffs unjustified.

"When you're nearly 800 Billion Dollars a year down on Trade, you can't lose a Trade War!"

"At some point something's got to give, and I'm not sure that Trump's going to be on the winning side", says Leblond.

"In both cases the electorate voted to "blow it up" even if they didn't feel confident they knew what "it" was and whether the desired new state would surely be better or whether the relevant politicians could actually deliver on promises made", said Martin.

Speaking after the meeting, Le Maire said the European Union was poised to take counter-measures against the US.

Canada's expressions of disappointment comes as China warned that any trade dispute deals reached at talks in Beijing "will not take effect" if Trump's threatened tariff hike on Chinese goods goes ahead.

Trudeau added that he does not know what Trump wants Canada to do in order to remove the tariffs, because the US actually exports more steel to Canada than Canada sends to the USA, and when it comes to oversupply from China, Canada is on the same page as Trump.

The statement came as Wilbur Ross, the U.S. commerce secretary, and China's top economic official, Vice Premier Liu He, wrapped up a meeting on Beijing's pledge to narrow its trade surplus.

"Given that we export some pretty complex steel products to the United States which are part of their national security programmes themselves, this reasoning that is given is wrong and therefore we believe unlawful".

"President Trump has been very clear in wanting to address trade issues", Mnuchin said.

Speaking after the meeting, Le Maire said the European Union was poised to take counter-measures against the new US tariffs.

Trump and other G7 leaders meet next weekend in Quebec. "Don't blame Trump. Blame China, blame Europe, blame NAFTA, blame those who don't want reciprocal trading, tariff rates". During the visit, some 50 new contracts were signed between French and Russian companies, including a deal between Russian energy company Novatek and Total, which was just forced to abandon its business in Iran due to USA sanctions.

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