Mnuchin urged Trump to exempt Canada from steel and aluminum tariffs

06 June, 2018, 04:20 | Author: Carlos George
  • Canada's Justin Trudeau says NAFTA talks broke down after Pence made ultimatum

"The notion that we're a national security threat is just-I mean, pick your invective", said Joseph Galimberti, president of the Canadian Steel Producers Association.

"We're concerned that these actions are actually not conducive to helping our economy, they actually are destructive", Mr. Morneau said, as the three-day talks wrapped up in British Columbia ahead of the G7 summit.

Speaking to reporters, Mnuchin said that global economic leadership remains one of President Trump's goals, adding that national security was also of importance to the U.S. But the security aspect is what many of other leaders see as problematic. Mexico complained the tariffs will "distort worldwide trade" and said it would penalize US imports including pork, apples, grapes, cheeses and flat steel.

Kudlow acknowleged the dispute over trade could jeopardise a U.S. economy that is now "clicking on all cylinders" with surging growth and low unemployment.

Prime Minister Justin Trudeau later met steel executives and said: "We are going to stand up for our workers".

President Trump's decision to impose tariffs on allies including Canada and the European Union has stoked fears of a trade war and is expected to be at the top of the agenda when Trump meets face-to-face with the world's economic powers at the G-7 summit in Canada on Friday. Canada has responded to the tariffs with retaliatory dollar-for-dollar "countermeasures" on up to $16.6 billion worth of American imports.

In the run-up to next week's G7 summit, finance ministers and central bank governors from six of the G7 countries have slammed the United States decision to impose tariffs on steel and aluminum imports, Deutsche Welle reported. At the same time, Ottawa will challenge the "illegal and counterproductive" USA measures under the North American Free Trade Agreement (NAFTA) and at the World Trade Organization, said Freeland.

There was no joint statement at the end of the meeting, which the BBC's North America correspondent Chris Buckler says is a clear sign of discord.

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"I think most of the major allies have concluded that, to be honest with you, there really isn't a relationship that they can build".

International Trade Secretary Liam Fox said the response to the United States tariffs must be "measured and proportionate".

The EU took the United States to the World Trade Organization to challenge the legality of the new tariffs and the Trump administration's national-security justification. "Do Timber & Lumber in US?"

Trump first threatened to impose a 25 percent tariff on steel and a 10 percent tariff on aluminum on Canada, the European Union (EU) and Mexico in March to protect US industries and jobs.

"The prime minister noted that, given our shared history, it is inconceivable that Canadian steel or aluminum might be a security threat to the U.S".

Trade ties between Canada and the United States have soured since Trump took power in January 2017.

"We won't be hiding the fact that we disagree on some of these issues and that's the value of the G7, is to be able to have these frank discussions between leaders".

"When you're nearly 800 billion dollars a year down on Trade, you can't lose a Trade War", he tweeted Saturday.



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