G7 attacks Trump plan for tariffs that 'put United States economy in jeopardy'

Donald Trump and Justin Trudeau seen together at the White House in October last year

Donald Trump and Justin Trudeau seen together at the White House in October last year

As well as tariffs, EU countries told the USA about their concern over the effect of new United States sanctions on Iran for European companies that want to trade with both nations.

Leaders of the group's member countries meet next week in Quebec and ministers urged the USA to abandon the tariffs ahead of the leaders' summit to prevent deeper divisions. And a full-blown trade war would be devastating here.

"We still have a few days to avoid an escalation".

Larry Kudlow, Trump's top economics advisor, dismissed criticism of the administration's stance as overblown on Fox News Sunday. Canada has all sorts of trade barriers on our Agricultural products.

But as the young Canadians who marched off to the First World War found out, in any war, winning is a relative thing. Given both the negative economic effects and political risks, President Trump's latest trade war with allies seems a miscalculated move, a fight he shouldn't have picked.

Canadian Prime Minister Justin Trudeau has called the tariffs "totally unacceptable", but Mr. Navarro said us trade partners need to examine their own "unfair trade practices".

The finance ministers from the six non-U.S. members of the G7 issued a statement Saturday criticizing the trade actions taken by the Trump administration.

Noting that "other very hard issues" are facing the U.S., Canada and Mexico right now, Kudlow pointed to the countries' attempts to renegotiate the North American Free Trade agreement (NAFTA), which Trump has often decried as unfair to U.S. workers and businesses, before it becomes unsalvageable. The Xinhua report came after Mr Ross met Chinese vice premier Liu He for talks that Mr Ross called "friendly and frank, and covered some useful topics about specific export items". Trudeau says the Trump team made a new demand insisting that any new NAFTA deal expire after only five years. "They kick us on dairy, [which] puts people out of work in Wisconsin". "But everything is ready".

Trudeau retaliated by announcing reciprocal tariffs on USA imports. "This is a trade dispute, if you will".

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"It has been a tense and tough G7.

I think that we've had a massive effort on tax reform in the USA which has had a incredible impact on the United States economy", Mnuchin said. The EU has threatened to retaliate with duties on everything from American motorcycles to bourbon.

On Friday, Trump also revived an idea he's floated before: negotiating separate bilateral trade pacts with Canada and Mexico if no deal can be reached on NAFTA.

Before last week's trade actions by the USA, the European Union and Canada had been granted temporary exemptions.

According to the FM, the Canadian authorities are planning to slap dollar-for-dollar tariffs on the United States with import taxes on steel, aluminum and such goods as whiskey, orange juice and other food products expected to be imposed.

Trump and other G7 leaders meet next weekend in Quebec. Their largest market is Mexico, which announced plans to target US apples.

According to Jim Bair, the head of the U.S. Apple Association, growers export about $1 billion worth of apples annually, roughly about 30 percent of the country's crop. "In the announcement from the White House, it said very clearly that we still welcome good faith negotiations, and that's why I regard this as more of a family quarrel". It was not. It's the G7.

Mnuchin faced so much criticism from his counterparts that Japanese Finance Minister Taro Aso said he nearly "felt sorry" for the US finance chief. Under the system, foreign imports are subject to tariffs of almost 300 per cent in order to fix prices for Canadian producers. "I felt sorry for him, but I guess it's not the sort of issue I should sympathize with".

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