Trump's Tariffs Could Cost U.S. 400,000 Jobs

Justin Trudeau

Canadian Prime Minister Justin Trudeau, the summit host, and British Prime Minister Theresa May, who will also attend, are among those to sharply criticize the USA tariffs as unjustified and punitive.

Trudeau publicly called Trump's decision to impose new tariffs on Canadian steel and aluminum "insulting".

The White House recently confirmed President Trump is considering separate trade deals with Canada and Mexico rather than a new NAFTA deal.

Following the announcement, Trudeau blasted the barriers, calling Trump's move "totally unacceptable", and the Canadian government announced retaliatory tariffs on United States goods.

Mexico imports so much USA pork - almost one-third of what's consumed - that the government says it will waive tariffs on up to 350,000 tons of pork imported from other nations to avoid destabilising the market.

Donald Trump's economic adviser says the USA has asked Canada to hold one-on-one North American Free Trade Agreement negotiations as trilateral talks sputter.

The EU issued an update on its response on Wednesday, 24 hours after Mexico confirmed it had launched tit-for-tat tariffs on U.S. steel and was also targeting USA goods such as pork and bourbon products.

The border between the USA and Canada has been demilitarized for two centuries.

The veteran financial guru and former Ronald Reagan adviser also once again called trade tensions shadowing the G-7 conference beginning Friday "a family quarrel" and said Trump will meet one-on-one with Canadian Prime Minister Justin Trudeau and French President Emmanuel Macron at the summit. To give Trump the full benefit of the doubt on this, it would require him to know enough about history to know the pretext of the burning of the White House, but not the actual action itself.

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The EU came second at 14 percent, while Mexico ranked fifth with 5.4 percent of US imports. USA stocks were trading higher on Wednesday.

US stocks, apart from those of steel and aluminum producers, have fallen sharply in response to Trump's recent tariff announcements and other actions against trading partners.

Conservative Leader Andrew Scheer says as long as there is a possibility to save NAFTA that should be Canada's priority.

Trump announced the tariffs in March, saying they were necessary to protect the United States from unfair competition.

"His preference now, and he asked me to convey this, is to actually negotiate with Mexico and Canada separately".

Adding to the uncertainty is European anger over Trump's decision to pull the United States out of the global nuclear agreement with Iran.

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"The United States economy is growing".

There was shock when the world's largest economy confirmed it was imposing the duties on the EU, Canada and Mexico from 1 June, as part of President Donald Trump's protectionist agenda aimed at saving USA jobs.

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