Published: Sun, June 03, 2018
Global News | By Blake Casey

Trump's warning to Canada: Fair NAFTA deal, or no deal at all

Trump's warning to Canada: Fair NAFTA deal, or no deal at all

Mr Morneau has called that "absurd" because Canada is no security risk to the U.S., and he warned the tariffs will destroy jobs on both sides of the border.

"The Americans have chose to, in our mind, take an action that is not at all constructive".

Mexico announced "equivalent" measures on a wide range of United States farm and industrial products, including pork legs, apples, grapes, cheese, steel and other goods.

Speaking on NBC's Sunday morning news show Meet the Press, Trudeau says he wants to make sure Americans, and more specifically Trump supporters, hear the message that they are going to feel financial strain and pain from the steel tariffs Trump imposed on Canada last week. Each country has announced its own plans to retaliate against the United States.

Kudlow said the Trump administration is not yet "satisfied" that trade loopholes "have been closed". According to Ross, the step followed months of unsuccessful talks between the USA and its two neighbors over changes to the North American Free Trade Agreement (NAFTA).

The comments came hours after Trump lashed out at Canada by tweet, accusing America's northern neighbor of treating "our Agricultural business and Farmers very poorly for a very long period of time". Well, they have a $2 billion surplus on steel with us. "That is not Free or Fair Trade, it is Stupid Trade!"

But the week's whirlwind global developments in trade suggested de-escalation was unlikely.

Mr Mnuchin, regarded as one of the more moderate trade voices in Mr Trump's Cabinet, said the issue may need to be resolved by G-7 leaders at a summit this week in Charlevoix, Quebec, officials attending the meetings said.

Then things got hung up on USA demands for a sunset clause.

Deutsche Bank CEO says bank is committed to the U.S
It has since recovered to a cash price of 93.167 and a yield of 8.1 percent; still almost double this year's low in January. Mr Sewing has a mandate to accelerate a plan to refocus on Deutsche Bank's European home market and away from Wall Street .

The president instituted tariffs of 25 percent on steel and 10 percent on aluminum imports earlier this year.

The trade disputes hijacked what was supposed to be a feel-good summit that global finance chiefs initially saw as an opportunity to tout the successes of the global economic upswing.

Morneau warned ahead of his bilateral meeting on Thursday that he'd "clearly" express his disappointment to Mnuchin for the US' protectionist decision.

French Finance Minister Bruno Le Maire also expressed his anger as the meetings ended. "It is unsafe for growth, risky for the economic development of the world, and unsafe for our jobs in the European Union". We of course have the G7 leaders meeting at the end of the week where the prime minister will be raising this with President Trump alongside other leaders.

Washington had granted Canada and Mexico an exemption on the metals tariffs to give the parties time to successfully renegotiate the 1994 continental trade pact. "I felt sorry for him, but I guess it's not the sort of issue I should sympathize with".

On Saturday, Mnuchin told a news conference in Whistler that despite the differences in the room over trade, there were many areas the group was "completely united on".

But Mr Mnuchin dismissed the narrative of "G6 plus one". Mnuchin said. "But I also fundamentally believe that if there are structural changes that allow our companies to compete fairly, by definition that will deal with the trade deficit alone". It was not. It was the G7.

NAFTA came into full force in 1994, and the latest discussions with the United States administration are the largest proposed renegotiations in the continental free trade agreement's history.

Like this: