Economy

Trump takes aim at Canada after Trudeau's retaliation over new USA tariffs

Trump takes aim at Canada after Trudeau's retaliation over new USA tariffs

Canadian Finance Minister Bill Morneau said that Washington's decision to impose the tariffs - Canada provides half of all United States aluminum imports - had lessened the chances for a successful outcome of the NAFTA talks.

Canada isn't taking President Donald Trump's decision to hit the country with steel and aluminum tariffs lying down. "So it's not like the trade is imbalanced against the USA favor on this one", Trudeau said.

In an interview on NBC Sunday, Trudeau again blasted the Trump administration's decision, calling the tariffs an "affront" to the historic alliance between the two nations.

Trudeau also said that despite Trump's claims, this was not a matter of unfair trade.

NAFTA came into full force in 1994, and the latest discussions with the United States administration are the largest proposed renegotiations in the continental free trade agreement's history. Trump said on Friday he might prefer to end NAFTA in favour of two bilateral agreements with the two USA neighbours.

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She managed to maintain her intensity to claim the second set 6-3 and sealed it with an ace after just over an hour of action. Congrats from 35K feet, ladies - so good seeing you two back out there together, even if it is not in person, ' he wrote .

"I think there was a comment out there that [this was] the G6 plus one".

In March, the Korean government agreed to further open its auto market and, in return, receive a waiver on the stiff steel tariffs. "It was not. We believe in the G7, it's an important group", Mnuchin said.

G7 governments were also digesting Mr Trump's threats to impose tariffs on hundreds of billions of dollars in United States vehicle imports on what the U.S. president claimed was grounds of national security.

Speaking after the meeting, Le Maire said the European Union was poised to take counter-measures against the new U.S. tariffs.

French Finance Minister Bruno Le Maire said Mnuchin was clearly isolated on the issue, though France, Germany, Japan, Britain, Italy and Canada were trying to talk the Trump administration "back to good reason". "Ultimately, we will shift some production, there's no question and I think long term, it would be a disaster for Canada and the U.S".

Euro rallies as Italy concerns fade, investors eye data
United States stocks were poised for a solid open, with Dow futures and the broader S&P 500 futures up 0.5 per cent. Japan's Nikkei 225 fell 0.6 percent to finish at 22,358.43 while South Korea's Kospi lost 0.9 percent to 2,457.25.

Counting trade in both goods and services, the USA trade deficit was $566 billion in 2017, a 12 percent increase marking its highest level since the 2008 Great Recession. "The US has been ripped off by other countries for years on Trade, time to get smart!" he wrote. "That's really quite unusual in the history of the G7", he said.

Canada's expressions of disappointment comes as China warned that any trade dispute deals reached at talks in Beijing "will not take effect" if Trump's threatened tariff hike on Chinese goods goes ahead.

Canadian Prime Minister Justin Trudeau hit back at the recent tariffs implemented by President Donald Trump against Canada, telling NBC's Chuck Todd it was "insulting" that the tariffs were imposed under the guise of protecting U.S. national security and that Canada is not "going to be pushed around".

German Finance Minister Olaf Scholz said G7 countries also told Mnuchin about their opposition to new USA sanctions on Iran, which will affect European companies.

Mnuchin disagreed, saying there was support for dealing with China's joint venture requirements, technology transfer efforts and other policies, as Commerce Secretary Wilbur Ross began trade talks in Beijing on Saturday.

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After a back-and-forth dance with North Korea , President Donald Trump announced on Friday that the June 12 summit is back on . As a result, USA planners are considering asking the host country of Singapore to pay for the North Korean delegation's bill.


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