Trudeau says Canada won't be pushed around by USA on tariffs

THE CANADIAN PRESS  Jeff Mc Intosh                       Minister of Finance Bill Morneau speaks to the media in Calgary Alta

THE CANADIAN PRESS Jeff Mc Intosh Minister of Finance Bill Morneau speaks to the media in Calgary Alta

"The idea that we [Canada] are somehow a national security threat to the United States is quite frankly insulting and unacceptable", the Canadian prime minister said.

"The worldwide community is faced with significant economic and security issues, which are best addressed through a united front from G7 countries", said that statement.

Canadian Finance Minister Bill Morneau said that Washington's decision to impose the tariffs - Canada provides half of all United States aluminum imports - had lessened the chances for a successful outcome of the NAFTA talks.

Trudeau says Canada has a "vested interest" in seeing the US economy do well, because it's so interconnected with our own.

Trade frictions between the United States and Canada are a "family quarrel", President Donald Trump's economic adviser said on Sunday, brushing aside concerns expressed by Canadian Prime Minister Justin Trudeau as an overreaction.

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"The implementation of new tariffs will disrupt the USA oil and natural gas industry's complex supply chain, compromising ongoing and future US energy projects, which could weaken our national security", said API President and CEO Jack Gerard in a statement. Canada is one of America's largest trading partners and one of its closest military and political allies. "But we're also putting a number of tariffs on consumer goods, finished products for which Canadians have easy alternatives", he said during an interview aired Sunday on NBC's "Meet the Press."

It's extremely hard to imagine the US being able to force such a long list of countries into giving in, especially since Trump is fighting a trade war on so many fronts at once.

His strong words followed swift responses to his tariffs by Canada, Mexico and the European Union, which all plan to retaliate with levies on billions of dollars of USA goods from orange juice and whiskey to blue jeans and Harley-Davidsons. "I don't think we're satisfied yet that they will protect or uphold all the shipments of steel coming into Canada from all around the world ..." Canada, China and the European Union also announced they will address these actions at the World Trade Organization.

Mr Morneau said Canada's government is not ready to discuss support or potential bailout packages for Canadian business sectors affected by the tariffs.

"French Finance Minister Bruno Le Maire also said Mnuchin was clearly isolated at on the tariff issue, with the group devolved to a "G6 plus one" with the six expressing "total incomprehension" over the destabilizing United States move".

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Canada announced plans to slap tariffs on $12.8bn of United States products, ranging from steel to yogurt and toilet paper. He suggested the European Union should also raise import tariffs, but not to the same extent as the Trump administration.

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. "That is not Free or Fair Trade, it is Stupid Trade!" the president said, without specifying what tariff rates he was referring to.

Mnuchin also noted that when it came to the other countries' views on US trade actions that "there was clearly a consensus from the rest of them", according to the Wall Street Journal.

"Clearly, that is going to be a hard discussion", he said.

Trump also said in a separate tweet that "The United States must, at long last, be treated fairly on Trade".

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