Canada's Trudeau blasts "totally unacceptable" Trump tariffs, announces counter-tariffs

Canada's Trudeau blasts

"We take the view that without a strong economy, you can not have strong national security", Ross told reporters.

The Trump administration announced Thursday that it would be implementing tariffs of steel and aluminum from Europe, Canada, and Mexico.

But he said US Vice-President Mike Pence told him on Tuesday that as a precondition for that meeting, Trudeau would have to agree to a five-year sunset clause.

Tariffs of 25% on steel imports and 10% on aluminium were due to be imposed on the EU, Canada and Mexico from midnight, Mr Ross said. Permanent exemption for Canad and Mexico, meanwhile, was said to hinge on a resolution to a renegotiation of the North American Free Trade Agreement, which has yet to materialize. "But we see no sign of that in this action today by the USA administration". "We tried to do it through negotiation and we will do it by standing together and formulating a common European answer, possibly working more closely with Mexico and Canada", Peter Altmaier said.

Canada is imposing dollar-for-dollar tariff "countermeasures" on up to $16.6 billion worth of USA imports in response to the American decision to make good on its threat of similar tariffs against Canadian-made steel and aluminum.

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Canadian Prime Minister Justin Trudeau criticized the USA decision, calling the tariffs "totally unacceptable" and their premise of Canada being a threat to national security "inconceivable". She dismissed the argument that the tariffs were needed for USA national security reasons.

His cabinet colleague Luis Videgaray, the secretary of foreign affairs, said Mexico "has its limits" but its position on various themes in which it cooperates with the US will not change because of "offensive rhetoric or unjustified measures" such as the tariffs.

Shares in StelCo Holdings Inc fell 3.5 percent, while the broader Canadian stock index ended up 0.1 percent.

The Mexican peso dropped about 1 per cent and the Canadian dollar shed about 0.6 per cent.

The Mexican peso dropped about 1 percent, hitting its weakest level against the dollar in almost 15 months, and the Canadian dollar shed about 0.6 percent.

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The EU had already publicly announced that in the event tariffs did go ahead, it would impose levies on Levi-made jeans, Harley-Davidson motorbikes and bourbon whiskey. European Union officials previously informed the World Trade Organization of the bloc's plan to levy duties on $7.2 billion worth of USA exports if the Trump administration proceeded with threats to impose a 25 percent tariff on steel imports and 10 percent on aluminum. Mexico has also vowed to impose retaliatory import duties on United States products.

He said he's still planning to make a trip to Beijing this weekend even after the US announced it would slap tariffs on $50 billion in Chinese goods, jeopardizing a fragile agreement to reduce the USA trade deficit with China.

Liam Fox has condemned Donald Trump's steel and aluminium tariffs as "patently absurd" but has insisted the President's "protectionism" and apparent disregard for the United Kingdom economy will not affect a post-Brexit trade deal.

In Mexico, the economy secretary said care has been taken to impose retaliatory tariffs that will have an impact on regions of the US with strong political influence. The trade partners are all expected to retaliate in what is becoming a fast-developing global trade war.

The three allies were previously given temporary exemptions from the duties - 25 percent on steel imports and 10 percent on aluminum.

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