US singled out by G7 allies over steel and aluminum tariffs

The Trump administration announced Thursday that it will impose tariffs on steel and aluminum imports from Europe Mexico and Canada. Trud

The Trump administration announced Thursday that it will impose tariffs on steel and aluminum imports from Europe Mexico and Canada. Trud

Fears of a global trade war are already weighing on investor confidence and could hinder the global economic upturn. "This is exactly what happened in the 1930s".

Asked if the United States was isolated on the issue of tariffs in the G7 talks, Dombrovskis said: "Indeed".

Stock prices slumped amid fears of a trade war, with the Dow Jones industrial average falling almost 252 points, or 1%, to 24,415.84.

Tariff exemptions for South Korean steel also continues to apply due to the country's undertaking to restrict steel exports to the US.

His tweet came Friday, the same day steel and aluminum tariffs were scheduled to take effect against Canada, Mexico and the European Union.

Trudeau earlier deplored a decision by Trump to impose tariffs on steel and aluminum imports.

Freeland noted that the United States has a USD2 billion trade surplus with Canada in steel, and that "roughly half" of all U.S. steel exports go to Canada. We lose a lot of money with Canada, and we lose a fortune with Mexico.

All six of the other G7 countries are now paying the tariffs, which are largely aimed at curbing excess production in China.

In a statement, European Commission President Jean-Claude Juncker said "this is protectionism, pure and simple".

The EU earlier threatened to counterpunch by targeting US products, including Kentucky bourbon, blue jeans and motorcycles.

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Speaking of NAFTA, Trudeau said he told Mr. Trump last week he would go down to Washington with Freeland and personally sit down with the president to work out details.

The Trump administration wants China to buy more U.S. goods to lower a trade deficit.

Trump announced in March the United States would slap a 25 percent tariff on imported steel, and a 10 percent tariff on imported aluminum, citing national security interests.

"The American administration has made a decision today that we deplore and obviously is going to lead to retaliatory measures, as it must", Prime Minister Justin Trudeau said at a news conference with Freeland on Thursday.

"I am deeply disappointed at the unjustified decision by the U.S. to apply tariffs to European Union steel and aluminium imports", May said, TASS reports. But the NAFTA talks stalled.

Finance Minister Bill Morneau, who chaired the Whistler meetings, said even though the group found common ground on many subjects, G7 members are now forced to do whatever they can to convince Trump to move back from the tariffs. The administration's plans could change if the two sides are able to reach a last-minute agreement, said the people, who spoke only on condition of anonymity to discuss internal deliberations.

The import duties will give a boost to American makers of steel and aluminium by making foreign metals more expensive. "We continue to work closely with our European Union partners and will consider carefully the EU's proposals in response".

Japanese Finance Minister Taro Aso, whose country's steel and aluminum producers have been paying the United States tariffs since March 23, labelled the USA decision as "deeply deplorable", saying it was the "US against everyone else".

The Trudeau government has planned to invest an extra $62 billion in new military equipment over the next 20 years through its new defence policy, and Qualtrough said that money includes contingency funds for unexpected events.