Kudlow: Trudeau is 'overreacting' to U.S. tariffs

Kudlow: Trudeau is 'overreacting' to U.S. tariffs

"If the US rolls out trade measures including tariffs, all the agreements reached in the negotiations won't take effect", state-run Xinhua News Agency reported Sunday, citing a statement from the Chinese team that met with a USA delegation led by Commerce Secretary Wilbur Ross.

Kudlow acknowleged that the dispute over trade could jeopardize a U.S. economy that is now "clicking on all cylinders", with surging growth and low unemployment.

The trade tariffs have also been criticized by some Republicans, CNN reported, with some members of the GOP having lobbied for the administration to impose tariffs on China as opposed to Mexico, Canada and the European Union.

Finance leaders of the closest U.S. allies vented anger over the Trump administration's metal import tariffs but ended a three-day meeting in Canada on Saturday with no solutions, setting the stage for a heated fight at the G7 summit next week in Quebec. Debbie Shon, a partner at the law firm Quinn Emanuel and a former official in the US Trade Representative's office under President Bill Clinton, told Business Insider that the exact value of the tariffs doesn't have to be exactly the same. The union says it understands why many people are frustrated with worldwide trade and called for the U.S.to develop a manufacturing strategy that creates good jobs. But if you end NAFTA, which is what President Trump is promising to do, then a generation of closer and closer ties go out the window. The topic dominated discussions at the finance meeting in the Canadian mountain resort of Whistler, British Columbia. "Trump is responding to several decades of trade abuses here", he said.

At his closing press conference, Mnuchin said that he's already conveyed the G7 message to Trump, who he said "has been very clear in wanting to address trade issues".

Morneau has said Ottawa is buying the project from Kinder Morgan Canada in order to help the expansion overcome political risks.

They apply to items such as plated steel, slabs, coil, rolls of aluminium and tubes - raw materials that are used extensively across United States manufacturing, construction and the oil industry.

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In the reports from the U.S. Department of Commerce on the steel and aluminum national security investigations, the American concerns have little to do with fears that Canada or Canadian steel directly pose a threat. Besides imposing steel and aluminum tariffs on June 1, it's reported that Trump is also considering imposing tariffs on imported motor vehicles and auto parts.

What has the response been?

He exempted Canada, Mexico and the European Union pending additional talks to ease USA concerns.

Trump cited Section 232, which allows the president to impose tariffs for national security interests.

A full list of the products affected by Canada's reactionary tariffs can be found here.

Canadian officials have said that their proposed tariffs are meant to affect about $12.8 billion in goods coming from the USA, roughly equal to the amount of Canadian goods hit by the Trump tariffs. He's stressed it will allow Canada to find new export markets for its oil resources, with the long-term goal of finding a private-sector buyer to take over the pipeline.

Canada will place tariffs on American goods, including steel and aluminum, up to about $12.8 billion.

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