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G7 Vows to Fight US Steel, Aluminum Tariffs

04 June 2018
G7 Vows to Fight US Steel, Aluminum Tariffs

The G7 allies are pushing back against the Trump administration's hefty tariffs on steel and aluminum as the exclusive club of rich nations edges closer to a trade war.

"Finance ministers and central bank governors requested that the United States Secretary of the Treasury communicate their unanimous concern and disappointment", the group said in a summary statement.

US President Donald Trump's decision to press ahead with a multi-front trade assault this week has overshadowed the agenda for this week's G7 ministerial, normally a scene of compromise and trade promotion.

These items include yogurt, coffee, sugar, toilet paper, sailboats, mattresses, washing machines and lawn mowers- all aimed at exerting pressure on key U.S. states that export a lot to Canada.

"We're in the process of doing, we're redoing NAFTA, we're doing a lot of our trade deals, and we're negotiating properly with countries, even countries that are allies", he said during a roundtable in February of a year ago.

"I would expect that those sorts of sentiments will be passed along to the leaders' round, and they will have a similar sort of discussion". "But we see no sign of that in this action today by the USA administration", Trudeau wrote his fifth and last tweet.

Trudeau said he spoke with US President last week and offered to fly to Washington and sit down with him to hammer out the "final details of NAFTA because there were broad lines of a decent win-win-win deal on the table".

"I'm sure that the president looks forward to coming to Canada and meeting all the other leaders with many, many important issues going on throughout the world".

"We think that the G7 (meetings) will be useful if at the end of the G7, the United States is aware of the possible negative consequences of their decision on the unity of the G7 - not only the economic unity, but also the political one", Mr Le Maire said. It was not. It's the G7. "It is simply ridiculous to view any trade with Canada as a national security threat to the United States and we will continue to stand up for Canadian workers and Canadian businesses", the fourth tweet read. "U.S. steel prices are already almost 50 percent higher than those in Europe or China, and aluminum prices have been extremely volatile; this move would add substantially to these challenges", Myron Brilliant, executive vice president and head of worldwide affairs for the chamber, wrote in a post.

The U.S. announced May 31 that Canada, Mexico and the European Union would no longer be exempt from import duties of 25 per cent on steel and 10 per cent on aluminium.

The EU has said the bloc will also apply tariffs in retaliation.

France's Bruno Le Maire, the finance and economy minister, was more blunt in his assessment of the Whistler meetings, where ministers confronted Mnuchin. "The ball is now clearly in the camp of the United States". "Those days are over", he said.