U.S. Allies Rebuke Trump Administration's Trade Actions At G7 Meeting

U.S. Allies Rebuke Trump Administration's Trade Actions At G7 Meeting

The Trump administration announced last Thursday it was putting a 25 percent tariff on imported steel and 10 percent on aluminum from Canada, Mexico and countries in the European Union.

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

Ottawa braces for trade war. "In this case, it is simply a response to a first action", Guajardo told Mexican radio.

"The worldwide community is faced with significant economic and security issues, which are best addressed through a united front from G7 countries", the statement said.

"Oh, it might, I don't deny that", Kudlow said.

"I don't think our tariffs are anything to do with our friendship and longstanding alliance with Canada", Kudlow said.

China reiterated its threat on Sunday in the wake of the Trump administration saying the trade war was "on hold" and then back on again.

In the joint statement, the six finance ministers called for "decisive action" from the US - adding that their goal is to convince the U.S.to move back from these tariffs.

As the finance ministers and central bank governors met for the final day of a three-day meeting in Whistler, Canada on Saturday, US Treasury Secretary Steven Mnuchin took the brunt of the criticism. "Do timber and lumber in US?"

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Based on the solid rally in the stock market, I think investors are saying the countries involved don't have the fire power to retaliate strong enough to disrupt the US economy or dramatically effect corporate earnings.

Heather Conley, a former U.S. State Department official now with the Center for Strategic and International Studies in Washington, said the divisions on trade meant it would be hard for leaders to focus on the other issues. "We want to avoid a trade war", he said. He specifically noted the size of the trade deficit with China as he defended his moves. The union says it understands why many people are frustrated with global trade and called for the U.S.to develop a manufacturing strategy that creates good jobs.

Both the U.S. and China reported some progress in discussions over the weekend about how to reduce China's $375bn goods-trade surplus with the USA, but Mr Trump's revival last week of a plan to slap tariffs on $50bn of Chinese imports has cast the talks into turmoil.

Larry Kudlow, Trump's economic adviser, brushed off Trudeau's comments and said he was "overreacting".

"If the U.S. rolls out trade measures including tariffs, all the agreements reached in the negotiations won't take effect", state-run Xinhua News Agency reported yesterday, citing a statement from the Chinese team that met with a USA delegation led by Commerce Secretary Wilbur Ross.

Trudeau said he would seek out Trump at the meeting of the G-7 leaders this week in Quebec to discuss trade issues.

Beijing pledged any tariffs on their goods would nullify any trade deal reached between the USA and China.

Canada, Mexico and the European Union combined exported $23bn worth of steel and aluminium to the U.S. in 2017 - almost half of the $48bn of total steel and aluminium imports a year ago. "I don't think it has right now". "The Canadian government slapping tariffs on American goods is not a good thing for us, that's for sure".

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