These U.S. industries could feel the bite of a trade war

These U.S. industries could feel the bite of a trade war

These U.S. industries could feel the bite of a trade war

"The American administration has made a decision today that we deplore, and obviously is going to lead to retaliatory measures, as it must", Canadian Prime Minister Justin Trudeau said in a statement, announcing retaliatory tariffs on USA steel, aluminum, as well as an array of other products.

Trump imposed 25 per cent import duties on steel and 10 per cent on aluminum in early March, citing national security concerns about the impact those imported products were having on the American domestic industries.

President Trump's top economic adviser said Sunday that Canadian Prime Minister Justin Trudeau is "overreacting" to new USA tariffs on steel and aluminum imports from Canada.

Trudeau's comments come following a decision by President Trump to impose a trade tariff on Canada, justifying his decision under Section 232, which states the country is a security threat.

After the G7 summit, Canadian finance minister Bill Morneau issued a summary saying the other six members want Mr Trump to hear their message of "concern and disappointment" over the U.S. trade actions.

The weekend brought no evidence that the world is stepping back from a damaging trade war.

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Mexico announced penalties on US imports like pork, fruit, cheese, and steel, while the European Union said it would announce its retaliatory measures in June.

Those anxious that tariffs could backfire by killing U.S.jobs need to remember that nobody has been more effective in building up the poor than President Trump, according to his senior trade adviser.

"The Americans have decided, in our mind, to take actions that's not at all constructive, it's actually destructive to our ability to get things done around tariffs on steel and aluminium", he said after the meeting ended.

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One Canadian insider said traditionally, Canada was too small for retaliatory trade action against the U.S.to have an impact, but Trump has gone after so many countries at once that the pushback globally is big enough to have an impact on the American economy.

The meeting of top economic policymakers was seen as a prelude to the trade disputes that will dominate the two-day G7 summit that begins on Friday in Quebec.

Trump "is responding to several decades of trade abuses here" and will continue to defend USA interests.

Mr Le Maire, France's finance and economy minister, was blunt in his assessment of the Whistler meeting, where ministers confronted US Treasury Secretary Steven Mnuchin.

Speaking after the meeting, Le Maire said the European Union was poised to take counter-measures against the US.

United States and Chinese trade delegations met on Saturday and Sunday for the third round of discussions on current trade tensions between the two countries. The U.S. Chamber of Commerce says the trade deal accounts for about 14 million American jobs.

"The U.S. dollar is quite a bit stronger than the Canadian dollar", he said. Their largest market is Mexico, which announced plans to target USA apples.

"What the United States is going to say is that there is a provision in the [World Trade Organisation] that says, 'Yes, you can break your tariff commitments, you can discriminate if you fall under the terms of this security exception, ' " she says.

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