G7 attacks Trump plan for tariffs that 'put United States economy in jeopardy'
- Juan Mendoza
The US president's imposition of tariffs on steel and aluminium last week and the apparent impasse in US/Chinese trade talks has set the world's biggest economies on a collision course and provoked fear of tit-for-tat measures escalating into a global trade war.
President Trump's top economic adviser, Larry Kudlow, speaks at the White House in April.
The only trade war President Trump and his administration should focus on is with China.
He says steel tariffs will protect United States steelmakers, which he says are vital to national security.
"All economic and trade outcomes of the talks will not take effect if the U.S. side imposes any trade sanctions including raising tariffs", said the statement.
Trudeau is hosting a June 8-9 summit of Group of Seven leaders, including Trump, in the Quebec region of Charlevoix.
Trump, for his part, spent time during his weekend retreat at Camp David tweeting that "stupid trade" could "no longer be tolerated". The US has a massive trade deficit with China. Trump says the U-S has to export more goods than it imports.
Mexico, the third-largest USA trade partner, said it would penalize US imports including pork bellies, apples, grapes, cheeses and flat steel.
Over a span of just a few days, the Liberals announced a plan to potentially spend $4.5 billion to buy a controversial pipeline, watched the chances of a quick NAFTA renegotiation sputter and joined other G7 allies in moving closer to a punishing tariff war with the United States.
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"We're going to be polite but we're not going to be pushed around", he said. "But everything is ready".
All three said they'd consider retaliatory tariffs or legal action; Canadian Prime Minister Justin Trudeau sharply criticized Trump's stance and his administration quickly issued a list of tariffs on American goods to take effect July 1.
"The more you restrict trade, or migration, or travel, the less prosperity you get for this industry", he said, speaking at a conference in Sydney.
Fox said his suggestion was "a tirade of nonsense" but added the United Kingdom did not have the authority to set out its retaliatory measures.
At a heated meeting in the Canadian ski resort, the European Union and Canada threatened to retaliate.
The US has renewed a threat to hike tariffs on $50 billion (£37 billion) of Chinese high-tech goods in response to American complaints Beijing steals or pressures foreign companies to hand over technology.
On Monday, the 11th annual Southeastern U.S.
Mr Trump originally imposed the tariffs in March, saying a reliance on imported metals threatened national security. On Saturday, the president tweeted that the United States had been "ripped off by other countries for years on trade".
"Exports accounted for more than $53 of the average $149 value of a hog past year and support over 110,000 U.S.jobs", said NPCC Chairman Jim Heimerl in a press release.
"We're concerned that these actions are actually not conducive to helping our economy, they actually are destructive, and that is consistently held across the six countries that expressed their point of view to Secretary Mnuchin", Morneau added. "We believe in the G-7".