Speaking separately after the meeting, frequently referred to as the “G6 plus one”, Mnuchin told reporters that he was not part of the six-country consensus on trade and said Trump was focused on “rebalancing our trade relationships”.
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Canada hit back at steep U.S. tariffs on aluminium and steel on Thursday, announcing retaliatory duties on up to Can$16.6 billion (US$12.8 billion) in American imports.
U.S. President Donald Trump has repeatedly targeted Canada’s dairy system, insisting a modernized NAFTA agreement must include better access for U.S. dairy products. It has been a lousy deal for the United States from Day 1.
During a press conference on Sunday, most economy ministers from Europe evaded direct questions by the press on USA sanctions.
“So, what do you feel as if the president wants from you in putting these tariffs up?”
“We regret that our common work together at the level of the G7 has been put at risk by the decisions taken by the American administration on trade and on tariffs”. Well, they have a $2 billion surplus on steel with us.
State news agency Xinhua said China was willing to increase imports from many countries including the US.
That is why last week’s announcement was so puzzling. He added: “This is a trade dispute, if you will”.
On Monday, the 11th annual Southeastern U.S.
G7 governments were also digesting Trump’s threats to impose tariffs on hundreds of billions of dollars in USA auto imports on purported national security grounds.
Meanwhile, negotiations with Canada and Mexico regarding the North American Free Trade Agreement are turning toxic as those countries weigh retaliation against Washington for the new steel and aluminium tariffs.
Foreign Minister Chrystia Freeland said on Saturday that Ottawa was considering an aid package which could be similar to the support for softwood lumber producers after Washington imposed tariffs.
Jean-Claude Juncker, president of the European Commission, vowed there would be reciprocal tariffs in response.
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.
Here are five things to watch for in the Canadian business world in the coming week.
The United States’ closest allies attacked the Trump administration on Friday for imposing tariffs on steel and aluminium imports and mounted challenges with the world’s top trade body, fouling the mood at a G7 finance leaders meeting.
The list also included a 20 percent tariff on US pork legs and shoulders, apples and potatoes and 20 to 25 percent duties on types of cheeses and bourbon. Instead, they argue, the increase in foreign imports has shut down USA steel and aluminum plants, leaving the US industry at risk of becoming unsustainable.
Will Trump’s tariffs on allies be the start of a global trade war?
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His strong words followed swift responses to his tariffs by Canada, Mexico and the European Union, which all plan to retaliate with levies on billions of dollars of United States goods from orange juice and whiskey to blue jeans and Harley-Davidsons.
