G7 countries criticize U.S. over steel tariffs

G7 countries criticize U.S. over steel tariffs

G7 countries criticize U.S. over steel tariffs

Such a strong criticism of a single member of the G7 by consensus of all the other members is rare, especially when that rebuke is directed toward the United States.

Beijing quickly warned Washington that it could not commit to buying more American goods after a third round of trade talks between the world's two biggest economies failed to deliver a breakthrough.

He told MPs: "It is right to seek to defend our domestic industries from both the direct and indirect impacts of these USA tariffs.it's important that the United Kingdom and the European Union work within the boundaries of the rules-based worldwide trading system". Morneau also warns the tariff fight will destroy jobs in Canada and the USA, and drive up consumer prices. The government says it is slapping tariffs on up to $16.6 billion in US imports.

Trudeau and Foreign Affairs Minister Chrystia Freeland must stop deluding themselves into believing that what they call a win-win-win outcome for the NAFTA talks is achievable.

President Donald Trump's administration last week imposed USA tariffs of 25 percent on steel and 10 percent on aluminum from Canada - the No. 1 steel exporter to the United States - as well as on Mexico and the European Union.

Trudeau, meanwhile, calls it "inconceivable" that Canada could ever be a national-security threat to an ally as close and important as the United States.

"Let me be clear: These tariffs are totally unacceptable", Canadian Prime Minister Justin Trudeau said Thursday following Trump's announcement.

"If you are talking about Canada, look what they do when it comes to our dairy products", he said.

"It's wonderful, wonderful news", said Turning Point USA's Candace Owens on "Fox & Friends". I don't deny that. "You have to keep an eye on it".

The Canadian government announced retaliatory tariffs on United States goods that look to go beyond the value of U.S. tariffs on imports of Canadian steel and aluminum. But negotiations with Canada and Mexico to rewrite the North American Free Trade agreement, and negotiations with the European Union, have been slow going.

During the interview, Wallace highlighted the strength of Friday's jobs report and asked if Trump's tariffs on steel, aluminum, and Chinese goods could "jeopardize" the progress of the labor market and economy. There are not tariffs on steel or aluminum coming from the United States today.

Morneau, however, insists NAFTA and the tariffs are separate issues, because the USA applied the duties under the guise that Canada is a security risk.

US businesses are bracing for the impact of a potential trade battle between the USA and some of its closest allies.

About halfway through the above clip, after Kudlow praises Trump's trade policy extensively, Wallace shows a clip from March when Kudlow was an analyst for CNBC.

G7 officials conveyed "unanimous concern and disappointment"...

"Giving into this, the only language that Trump understands, is people fighting back, and it's about time this country fought back", he said.

In addition to asking the U.S.to reconsider and reverse the tariffs, the six finance leaders noted that because of the actions taken by the USA, "collaboration and cooperation has been put at risk".

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