G-7 finance meeting in Canada to focus on ‘absurd’ Trump tariffs

G-7 finance meeting in Canada to focus on ‘absurd’ Trump tariffs

G-7 finance meeting in Canada to focus on ‘absurd’ Trump tariffs

Le Maire also said Friday's upbeat U.S. employment report, which showed continued robust job growth, proved there was no cause for attacking America's allies.

He said: "The great weight and power of Europe they have done nothing by the way in their trade arrangements to stop the Chinese dumping steel".

The EU is also not alone in its desire for payback.

Canada and Mexico, embroiled in talks with the USA to modernise the North American Free Trade Agreement, responded swiftly.

"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.

The two sides will discuss the matter and try to reach a deal.

She noted that more than 8,500 jobs in the North Country are tied directly to U.S.

"If President Trump wants to target Chinese steel dumping, he should target tariffs at China and not our friends to the north", Stefanik wrote.

Mnuchin rejected comments from some G7 officials that the United States was circumventing worldwide trade rules with the tariffs or ceding leadership of a global economic and trading system it largely built after World War Two.

Malmstrom said Friday in reaction to the sanctions that "the situation is worrying, it could escalate".

"Mexico has taken our vehicle companies, a big percentage of them, and we can't do that".

"We absolutely do not rule out countermeasures", Fox said. Mexico complained the tariffs will "distort worldwide trade" and said it would penalize USA imports including pork, apples, grapes, cheeses and flat steel.

The Trump administration removed the exemption to Canada and Mexico from his new 25 per cent tariff on import of steel and 15 per cent on aluminum yesterday.

The Canadian government announced retaliatory tariffs on U.S. goods that look to go beyond the value of USA tariffs on imports of Canadian steel and aluminum.

The U.S. decision came despite last-minute talks in Paris this week to try to reach a deal.

Mexico also plans to retaliate on USA farms and products like pork legs, apples and cheese...

Le Maire said it's now up to the U.S.to take action to rebuild confidence among G7 members - and to avoid any escalation next week during the G7 leaders' summit.

The European Union is challenging the new tariffs with the World Trade Organization...

But the week's whirlwind global developments in trade suggested de-escalation was unlikely.

Speaking with Chuck Todd from Meet the Press in an excerpt from an exclusive interview airing in full on Sunday, Trudeau said that the imposition of tariffs was "insulting".

"There are fears that this marks the start of a negative spiral of measures and countermeasures where there will ultimately be no winners", the company said. "It is unsafe for growth, risky for the economic development of the world, and unsafe for our jobs in the European Union".

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