Published: Sun, June 03, 2018

G7 ministers deliver rebuke to U.S. on tariffs

G7 ministers deliver rebuke to U.S. on tariffs

Following the USA announcement that it would go ahead with increased taxes on imported steel and aluminium, Mexico, Canada and the European Union all said they would impose their own retaliatory tariffs on us goods.

Canada, which is the largest supplies of steel to the USA, has announced retaliatory worth £9.6bn and Mexico said it would match United States tariffs by raising duties on its farm and industrial exports.

He twitted that he was hoping that "common sense" would prevail.

Group of Seven nations moved closer to a trade war with the United States on Saturday, as six members of the exclusive club singled out their American partner over tariffs they warn have undermined open trade and shaken confidence in the global economy. Trudeau said the tariffs were not created to hurt the American people, but rather defend Canada's interests and send a message to the Trump administration.

Following Saturday's conclusion of a three-day meeting of G7 finance ministers, Canadian Finance Minister Bill Morneau issued a summary saying the other six members want Trump to hear their message of "concern and disappointment" over the U.S. trade actions.

Mr. Trump's get-tough trade policies have come under fire from the right and the left after he imposed tariffs on steel from the European Union, Canada and Mexico.

"Canada has treated our Agricultural business and Farmers very poorly for a very long period of time" Trump tweeted. "Highly restrictive on Trade!"

Speaking at a separate news conference, US Treasury Secretary Steven Mnuchin said that President Trump is trying to "rebalance our trade relationships".

- The Trump administration has decided that trade negotiations have proven fruitless and will go ahead with imposing tariffs on imported aluminum and steel from Canada, Mexico, and the EU.

In an interview that aired on "Meet the Press" on Friday, Trudeau slammed the claim that the new tariffs will enhance US national security.

The United States had sought to use the tariff threat as a cudgel to win concessions from Canada and Mexico in talks to renegotiate NAFTA, offering the two USA neighbors a permanent exemption if they agreed to us demands.

The items listed in Ottawa's response to US tariffs on Canadian steel and aluminum cover a wide range of products: from steel and aluminum to ball pens, sleeping bags, lawn mowers and bourbon whiskey.

But Vice President Mike Pence called back this week to set a NAFTA sunset clause as a precondition for the meeting, which both Canada and Mexico had rejected. "Because you're talking about a very different two countries", Trump told reporters at the White House yesterday. "The idea that we are somehow a national security threat to the United States is quite frankly insulting and unacceptable", he further said. "That is not Free or Fair Trade, it is Stupid Trade!" the president said on Twitter.

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