EU, Canada And Mexico Threaten Tariffs To Retaliate Against U.S.

EU, Canada And Mexico Threaten Tariffs To Retaliate Against U.S.

EU, Canada And Mexico Threaten Tariffs To Retaliate Against U.S.

Canada on Friday filed a trade case at the World Trade Organization challenging USA tariffs on steel and aluminium and announced it would work closely with the European Union, which launched its own case hours earlier.

Morneau, speaking at the end of the Group of Seven ministerial meeting, said that the finance ministers and central bank governors were unanimously opposed at the harsh USA steel and aluminum tariffs imposed by the Trump administration. The measures were announced earlier in the year, but the United States's neighbors and the European Union - all vital diplomatic partners - had been granted temporary waivers as negotiators sought a compromise that would reduce import levels and allay the White House's grievances over trade deficits.

Asserting that he likes free trade, but wants fair trade, US President Donald Trump warned that he could impose reciprocal tariff on other countries.

Trump's trade policies - and specifically the steel and aluminum tariffs - have drawn global denunciation.

Mnuchin said he had already passed on some of the G7 comments to Trump and said the president would address trade issues with other G7 leaders.

TORONTO-Canadian Prime Minister Justin Trudeau said on Thursday he offered to go to Washington to complete talks on renegotiating the North American Free Trade Agreement (Nafta) but that Vice President Mike Pence called and told him a meeting with the USA president would only happen if Trudeau agreed to put a five-year sunset clause into the deal.

Ross said there was "no longer a very precise date when they may be concluded", and that as a result, Canada and Mexico were added to the list of countries hit with tariffs. They charge five times what we charge for tariffs.

If Canada and Mexico choose to take retaliatory measures, it would not affect the ability to keep renegotiating NAFTA as a separate track, he added.


Trudeau said he refused to go because of the "totally unacceptable" precondition.

Echoing Canadian President Justin Trudeau, Malmström said that the tariffs would hurt jobs in the U.S.as well.

Gareth Stace, director of trade body UK Steel, said he was "very, very worried" about the potential impact of a "double whammy" on British producers from the Trump administration's decision.

Stung by the US action, the allies quickly hit back.

Sachs predicted that Trump's actions would have an overall negative effect on the USA dollar, and would lead to a rapid increase in the nation's debt. The $800 billion figure represents the total value of goods imported by the U.S.in 2017. Then again, at May-end, Washington announced a 25% tariff on $50 billion worth of goods from China and imposed new limits on Chinese investments in the United States (read: Trump, Tariff & Geopolitics Lead May: 10 Top ETF Stories). We do not have any other choice but to respond.

NAFTA negotiations are deadlocked over tough protectionist demands from the United States.

The Trudeau government has planned to invest an extra $62 billion in new military equipment over the next 20 years through its new defence policy, and Qualtrough said that money includes contingency funds for unexpected events.

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