Trade war turns Canada's G7 summit into six

US isolated at G7 meeting as tariffs prompt retaliation

Trudeau on Trump Tariffs: 'Insulting & Unacceptable' That Canada Is Seen as Nat'l Security Threat

Trump has infuriated European Union members, Canada and Mexico by imposing tariffs of 25 percent on steel and 10 percent on aluminum, ending months of uncertainty about potential exemptions and suggesting a hardening of the USA approach to trade negotiations.

USA and Chinese trade delegations met on Saturday and Sunday for the third round of discussions on current trade tensions between the two countries.

The escalating trade war could lead to significant fallout for the oil market, although for now, the extent to which it impacts demand is unclear. "In this case, it is simply a response to a first action", Guajardo told Mexican radio. "Any measures that reduce trade and probably consequently limit passenger travel are bad news", Alexandre de Juniac, director general of the International Air Transport Association (IATA), said at the association's annual meeting in Sydney.

"I don't think our tariffs are anything to do with our friendship and longstanding alliance with Canada", Kudlow said on "Fox News Sunday".

China reiterated its threat on Sunday in the wake of the Trump administration saying the trade war was "on hold" and then back on again.

French Finance Minister Bruno Le Maire also said Mnuchin was alone on the tariff issue, with the group becoming a "G6 plus one" as the six expressed "total incomprehension" over the U.S. move.

The major USA trading partners wasted little time Thursday striking back against the move. Well, they have a $2 billion surplus on steel with us.

Both the United States and China reported some progress in discussions over the weekend about how to reduce China's $375bn goods-trade surplus with the United States, but Mr Trump's revival last week of a plan to slap tariffs on $50bn of Chinese imports has cast the talks into turmoil.

Let's make sure regardless of what happens with tariffs, we don't lose our competitiveness.

"The U.S. has made such bad trade deals over so many years that we can only win", Trump tweeted Monday morning.

On Friday, he said he'd like to see two separate trade deals done with Canada and Mexico.

Canada announced tariffs on USA goods in response to President Donald Trump's steel and aluminum tariffs.

But that relief died last Thursday after the White House announced the tariffs would now apply to its northern neighbour as trade talks seemed to have stalled.

Following a meeting of G7 finance ministers in Canada, France's Bruno Le Maire said the summit had been "more a G6 plus one than a G7". The White House says the meeting focused on reducing the USA trade deficit by having China buy more agricultural and energy products.

The Manitoba Chamber of Commerce said our province exports about $10 billion worth of goods and services to the USA every year. "This doesn't happen that often at G7 meetings, but it was USA against everyone else", Aso said.

Canada sent 84 percent of its steel exports, worth C$9 billion ($6.97 billion), south a year ago, according to Statistics Canada.

"I don't think in any way the United States is abandoning its leadership in the global economy, quite the contrary".

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

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