After steel and aluminum Trump takes aim at Canada's agriculture sector

Finance Minister Bill Morneau attends the G7 finance ministers meeting in Whistler B.C. Thursday

Canada had pushed for an exemption from Trump's tariffs-thinking, now naively, there'd be a perk to being a neighbor, ally and largest buyer of USA goods. The three countries are engaged in renegotiation talks.

Trudeau, in an interview aired on Sunday by NBC's "Meet the Press", said it was "insulting" to hear the USA claim that Canadian steel and aluminum posed a national security threat.

Trudeau said he and Trump were planning to meet this week because a Nafta deal was in reach. Even more unlikely is the fact that the target of the criticism is the USA, which has done more than any other country to establish the free-trade principles upon which the global economy functions today.

He says NAFTA has been "a very lousy deal" for the USA and says, "they're our allies but they take advantage of us economically".

During his visit, Ross looked to build on a vague joint statement released May 19 after negotiations in Washington.

Bank of England Governor Mark Carney said the US decision to target trade in goods, not services, is misplaced.

That tariff was widely seen as being aimed at China and, initially, the Trump administration it.

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Countries around the world are fighting back against President Donald Trump's decision to slap tariffs on steel and aluminum imports, announcing retaliatory countermeasures and warning that the US plan will hurt USA consumers.

If the WTO hears the complaint, Georgetown law professor Jennifer Hillman says the chances that the organization would side against the USA are extremely strong because, "it's a very clear case of a violation".

In addition to tariffs, Ross is under pressure from US lawmakers to remain tough on Chinese telecom-equipment maker ZTE Corp.

In the fiscal year that ended September 30, the USA government collected $34.6 billion in customs duties and fees.

MI would be close behind, with $1.17 billion in goods that could be subject to tariffs. Lawmakers from both parties have questioned Trump's leniency toward ZTE, arguing that the company represents a security risk.

Canadian Prime Minister Justin Trudeau said called U.S. President Donald Trump's decision to place tariffs on Canadian aluminum and steel "punitive" and "totally unacceptable", and has outlined dollar-for-dollar retaliation, CTV news reported.

The potential for a tit-for-tat measure from the U.S.is indeed a risk in any trade war, he said, but Trump is likely to target bigger industries with more "leverage". Canada is a secure supplier of aluminum and steel to the United States defence industry, putting aluminum in American planes and steel in American tanks.

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But, Trudeau said, the idea the Americans would even muse that its closest friend and ally could be a security threat is ridiculous.

"The fact that the president has moved forward with these tariffs is not just going to hurt Canadian jobs, it's going to hurt U.S.jobs as well and neither of those things is something Canada wants to see", Trudeau said. Canada has responded to the tariffs with retaliatory dollar-for-dollar "countermeasures" on up to $16.6 billion worth of American imports.

Trudeau said Trump seemed agreeable before Pence called him on Tuesday.

He said the legal basis of tariffs-U.S. national security-was an affront to Canadian soldiers who died fighting alongside Americans in numerous global battles. It's not always easy to match a specific product to a specific tariff or to keep up with which products from which countries are facing, say, special anti-dumping duties. Part of the 10 per cent levy at the wholesale level may eventually be passed on to Canadian consumers in the retail price, if the tariff war persists.

"I have every expectation that our other allies around the table will express the same sentiment".

Galimberti says American steel continues to flow into Canada tariff-free while Canadian steel now faces tariffs south of the border.

The U.S. Treasury chief said he has already relayed some of the G7 comments to Trump and added that the U.S. president would address trade issues with other G7 leaders, but declined to speculate on any outcomes.

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