Trade war turns Canada's G7 summit into six

07 June, 2018, 15:04 | Author: Angel Logan
  • THE CANADIAN PRESS  Jeff Mc Intosh                       Minister of Finance Bill Morneau speaks to the media in Calgary Alta

Canadian Prime Minister Justin Trudeau said Thursday he offered to go to Washington this week to complete talks on renegotiating the North American Free Trade agreement but that Vice President Mike Pence called and told him a meeting with the USA president would only happen if Trudeau agreed to put a five-year sunset clause into the deal.

The White House has said the tariffs imposed last week - 25% on steel and 10% on aluminum - were created to address the role steel imports have played in undermining the viability of the US steel industry, without which the country would have difficulty mobilizing for its defense.

Trudeau said the tariffs were not created to hurt the American people, but rather defend Canada's interests and send a message to the Trump administration.

That meeting, which will be hosted by Canadian Prime Minister Justin Trudeau, will be Trump's first visit to Canada as president.

Trudeau also faced pressure Monday to speed up Canada's tariff retaliation on US steel and aluminum imports, while it consults on imposing levies on other American consumer goods.

The US steel and aluminium tariffs were imposed early on Friday after Canada, Mexico and the European Union refused to accept quotas in negotiations with US Commerce Secretary Wilbur Ross.

"They must open their markets and take down their trade barriers!"

Trump has long railed against NAFTA, condemning it as a job-killing "disaster" that has decimated US manufacturing. "Why is the prime minister waiting three weeks to impose these counter-measures specifically on steel and aluminum when the USA tariffs came into effect right away?"

Pierre Lampron, president of the Dairy Farmers of Canada, said in a letter to Trudeau Monday the prime minister's comments were "quite worrisome", and "deeply troubling for our dairy farmers", given repeated pledges of support by Trudeau and his lawmakers for the sector.

Galimberti said American steel continues to flow into Canada tariff-free while Canadian steel now faces tariffs.

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.

While there may be Canadian-made alternatives, these tariffs will "inflict pain" on domestic firms as some inputs or unique products can not easily be switched or replaced, said Dan Kelly, the chief executive of the Canadian Federation of Independent Business. He defended his administration in a series of tweets Monday, invoking an argument he has often used to explain his thoughts on the issue: that the United States is already losing a trade war.

Trump asserted that the U.S. had to be treated fairly on trade.

As reported by CNN, the said trade tariffs came into effect from Friday midnight. Ryan has said Nafta's biggest problem "comes from the north". He exempted Canada, Mexico and the European Union pending additional talks to ease USA concerns. Tariffs discourage imports by making them more expensive. Special restrictions related to the trade.

Tariffs fell out of favour as global trade expanded after World War II.

The statement, released by Canada, said that "collaboration and cooperation has been put at risk by [U.S.] trade actions against other members".

That condition "makes no sense", the Canadian leader said Sunday.

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