Trudeau: It's Insulting U.S. Thinks Canada Is Threat
- Jonathon Greene
Commerce Secretary Wilbur Ross is now in China to talk trade.
Canadian Prime Minister Justin Trudeau is "overreacting" to President Trump's decision to impose steel and aluminum tariffs on the country, National Economic Council Director Larry Kudlow said on "Fox News Sunday". "Don't blame Trump. Blame China, blame Europe, blame NAFTA, blame those who don't want reciprocal trading, tariff rates".
Others, including global trade specialist Patrick Leblond at the University of Ottawa, say Trump is merely employing his Art of the Deal techniques to put pressure on China, Europe, Mexico and Canada.
"We still have a few days to avoid an escalation".
Calling the tariffs "illegal", the European Commission quickly vowed to fight back with its own package, expected to hit about $7.5 billion worth of USA exports, according to CNN, and will lodge a complaint with the World Trade Organization.
Besides imposing steel and aluminum tariffs on June 1, it's reported that Trump is also considering imposing tariffs on imported motor vehicles and auto parts. 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. He specifically noted the size of the trade deficit with China as he defended his moves. "Instead of imposing piecemeal tariffs on our trading partners, he should comprehensively and fundamentally re-write all of our failed unfettered trade policies to stop the race to the bottom and lift living standards in the USA and throughout the world".
Canada responded last week by saying it would slap 25 per cent tariffs on a slew of USA steel imports and a 10 per cent taxes on aluminum imports as well as dozens of American consumer goods from orange juice to sailboats to whisky.
Joseph Galimberti, president of the Canadian Steel Producers Association, said his industry wants Canada to levy the same taxes on USA imports as soon as possible instead of waiting one month.
Allies reacted with alarm after the United States announced last week that it would go ahead with the tariffs after negotiations broke down. "But everything is ready".
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'We're putting the same kinds of tariffs exactly on steel and aluminum coming from the United States into Canada, ' Trudeau told NBC's 'Meet the Press.' 'We're also putting a number of tariffs on consumer goods, finished products for which Canadians have easy alternatives'.
Kudlow acknowleged that the dispute over trade could jeopardize a United States economy that is now "clicking on all cylinders", with surging growth and low unemployment.
A summary of the meeting by Bill Morneau, finance minister of host Canada, said "decisive action" is needed at a leaders' summit next week in Quebec.
Finance leaders of the G7 group of big economies vented anger over the Trump administration's metal import tariffs on Saturday, ending their three-day meeting with a stern rebuke. "I think that we've had a massive effort on tax reform in the U.S. which has had a incredible impact on the USA economy", Mnuchin said.
At a heated meeting in the Canadian ski resort, the European Union and Canada threatened to retaliate.
The European Union, the largest USA trading partner, plans to impose retaliatory tariffs on $3.3 billion worth of US imports as soon as June 20.
So President Trump finally lost patience and made a decision to carry out his threats last week. "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 in any way the U.S. is abandoning its leadership in the global economy, quite the contrary".
Besides negative economic effects, waging trade wars against some of the United States's closest allies also carries several political risks: creating rifts and distrust between the United States and allies that may harm work together in worldwide affairs; and possibly driving our allies into the arms of US adversaries such as China and Russian Federation, which could hurt USA interests. "We are members of the European Union and we have been clear that we and our EU allies are seeking an EU-wide exemption", he said. "There was a comment out there that it was the G-6 plus one. We believe in the G-7".