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G7 finance ministers warn USA 'co-operation at risk' over metal tariffs

G7 finance ministers warn USA 'co-operation at risk' over metal tariffs

According to The Washington Post, Trudeau said he was prepared to travel to Washington this week to meet with USA officials and work out a deal on a new trade agreement in response to President Donald Trump's threat of tariffs.

In an interview on NBC Sunday, Trudeau again blasted the Trump administration's decision, calling the tariffs an "affront" to the historic alliance between the two nations.

"Finance Ministers and Central Bank Governors requested that the United States Secretary of the Treasury communicate their unanimous concern and disappointment".

The French official expressed hope that the discussion will lay the foundation for successful talks during next week's summit of G7 national leaders in Quebec's Charlevoix region.

French Finance Minister Bruno Le Maire also said Mnuchin was alone on the tariff issue, with the group becoming a "G6 plus one" as the six expressed "total incomprehension" over the U.S. move. But while he said European Union counter-actions had so far been proportionate, he cautioned against measures that might spark a full-blown trade war.

In a joint statement, the six finance ministers, without the support of the United States, called for "decisive action" following the Trump administration's decision to impose tariffs on Canada, the European Union and Mexico this week.

United States Secretary of the Treasury Steven Mnuchin arrives at a news conference after the G7 Finance Ministers Summit in Whistler, British Columbia, Canada, June 2, 2018.

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".

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Mnuchin reiterated that the USA will continue to have discussions around possible exemptions to the metal tariffs.

"We believe in the G7, it's an important group", Mr Mnuchin said. 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.

Trump has suggested the 24-year-old North American Free Trade Agreement might be scrapped in favor of seeking bilateral agreements with Canada and Mexico.

Kudlow also said the steel and aluminum tariffs on US allies "may go on for a while" or "they may not", because the matter is subject to negotiation.

Officials at the G-7 meeting said the tariffs made it harder for the group to work together to confront China's trade practices, especially when Beijing, like most G-7 members, supports the World Trade Organisation-based trade rules that the United States is seeking to go around.

Mr Le Maire asked Mr Mnuchin: "How can you get the Chinese to respect worldwide law if you don't?" Trump announced last month that he was pulling the United States out of an global nuclear agreement with Tehran.

Will Trump's tariffs on allies be the start of a global trade war?

"He's anxious about trade surpluses, trade deficits around the world".


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