Published: Wed, June 13, 2018
Markets | By Otis Pena

Donald Trump lashes out at Americas key allies

Following Trudeau's statement during the news conference, Trump posted two tweets slamming his words as "false" and accused the Canadian prime minister of being dishonest.

"Fair trade is now to be called fool trade if it is not reciprocal", said Mr Trump, who flew from Canada to Singapore for a meeting with North Korean leader Kim Jong Un. "We must put the American worker first!"

He singled out Berlin for criticism over its contributions to North Atlantic Treaty Organisation, echoing previous remarks he has made. "Canada does have very big advantages on us in terms of trade deficits".

He said he felt deceived by Trudeau's referring to United States tariffs on Canadian steel and aluminum as "insulting" and threatening to impose retaliatory penalties of his own.

Despite his conservative rivals snapping at his heels in polls, Trudeau has seen Canadian politicians from across the spectrum close ranks around him after Trump threatened to slap tariffs on the automobile sector, which would mark a dramatic escalation in the trade spat.

In comments published on Monday, he told newspapers from the Redaktionsnetzwerk Deutschland association that "everyone knows how much is at stake".

"We hope it doesn't come to that, but if the USA tariffs remain in effect, we will impose our tariffs on July 1", he said.

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Trump, as well as some of his aides, went on the attack this past weekend against the Prime Minister, throwing heavy insults at him after he refused to submit to the President's contentious tariff demands - mainly on steel and aluminum.

The tit-for-tat dispute over USA metals tariffs followed more than a year of tense and so far unsuccessful negotiations to renew NAFTA and a long and failed charm offensive by Trudeau and top Canadian officials to avoid Trump's trade ire.

And in Ottawa on Monday, International Trade Minister Francois-Philippe Champagne urged lawmakers to speed ratification of the Trans-Pacific Partnership that might offset losses in U.S. trade by binding Canada closer to Asia, Australia and Latin America. The statement was a declaration of shared values and goals by the seven countries - the United States, Canada, Britain, France, Italy, Germany and Japan - that attended.

Trump on Saturday skipped out early on the G-7 meeting after rejecting the summit's statement of shared values.

And the Canadian left, no friend of the American right, was quick to attack Trump's outburst.

Mr Trudeau and the European Union have vowed to take retaliatory action next month over U.S. tariffs on steel and aluminum. Merkel also said the European Union would "act" against the US trade measures.

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