Canada Files WTO Complaint over 'illegal' US Steel Tariffs

Bill Morneau

Donald Trump hints at new deal

Canadian businesses are digesting the industry ramifications of the cross-border tariff war that erupted on Thursday, with Trump announcing the US will slap tariffs on Canadian steel and aluminum and Prime Minister Justin Trudeau firing back with $16.6-billion worth of "dollar-for-dollar" countermeasures on goods ranging from playing cards to maple syrup to yogurt.

Asked about how the measures affect relations with the United States and President Donald Trump, Trudeau said it marked "a bit of a turning point, but we've always known that this administration is unpredictable".

"We're going to be polite but we're also not going to be pushed around", Mr. Trudeau told NBC News' Chuck Todd in an interview that aired Sunday.

In the run-up to next week's G7 summit, finance ministers and central bank governors from six of the G7 countries have slammed the USA decision to impose tariffs on steel and aluminum imports, Deutsche Welle reported. Months ago, Trump proposed these tariffs, but repeatedly offered exemptions to allies while USA officials negotiated with their counterparts to come up with a resolution.

In a sharp rebuke from one of America's closest allies, Canadian Prime Minister Justin Trudeau criticized the White House rationale for imposing punitive trade tariffs on Canada as "insulting and unacceptable", the latest leader to warn of a looming trade war with the U.S.

Trump hits Canada, Mexico, EU with steel and aluminum tariffs
The news pushed markets - already jittery as a result of the political chaos in Italy and Spain - into negative territory. It is only right that have been rebuffed by European Commissioner, Cecilia Malmström.

"We're putting the same kinds of tariffs exactly on steel and aluminum coming from the United States into Canada to be directly reciprocal".

The United States Chamber of Commerce Building stands at the northeast corner of H and 17th streets NW in Washington, D.C.

"To say that this is an attack on Canada is not right", said Kudlow, who last week compared the situation to "a family disagreement".

The protectionist actions by the Trump administration seem to have changed that relationship, but U.S. Treasury Secretary Steven Mnuchin maintains that the U.S.is committed to its role, telling reporters after the meeting, "I don't think in any way the U.S.is abandoning its leadership in the global economy". "You don't sign a trade deal that automatically expires every five years".

Allies including Canada and the European Union are threatening retaliatory tariffs in hope of forcing Trump to back down from his position. Well, they have a 2 billion surplus on steel with us.

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Cleveland forward Kevin Love made his way onto the court while all of this was happening, but went to the bench when it escalated. The Akron, Ohio, native notched a career-high in points during a Finals game, posting 51 points on 19-32 shooting from the floor.

Underscoring that Washington D.C. has a United States dollars 2 billion surplus on steel with Ottawa, the Canadian Prime Minister said, "The reason I don't know [what he wants] is because he's talked about the fact that he's anxious about trade surpluses, trade deficits around the world".

The G-7 finance leaders agreed that the global economy is strengthening and that the expansion is likely to continue, though there are risks such as potential vulnerability in emerging market economies, which have seen their currencies sharply depreciate as a knock-on effect of interest rate hikes by the U.S. Federal Reserve.

"One of the truths about tariffs is they drive up costs for consumers".

Trump and other G7 leaders meet next weekend in Quebec. The Trump administration is offering a process in which individual companies can apply for exemptions, and Zive says that the new tariffs will lead to thousands of such requests. "This doesn't happen that often at G7 meetings, but it was USA against everyone else", Aso said. The European Union and China said they will deepen ties on trade and investment as a result.

The move elicited loud complaints from USA allies.

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