G7 finance chiefs kick trade dispute to leaders' summit in Quebec

G7 finance chiefs kick trade dispute to leaders' summit in Quebec

But just when it appeared a trade truce between the two economic heavyweights was on the cards, the White House this week warned it would pursue tariffs on $50 billion worth of Chinese imports, as well as impose restrictions on Chinese investments in the United States and tighter export controls.

"The EU and United Kingdom should be permanently exempted from tariffs and we will continue to work together to protect and safeguard our workers and industries".

She said: "This is further weakening the transatlantic relations and it also increases the risk of severe turbulences in the markets globally".

Ross, who was preceded in Beijing this week by more than 50 US officials, is expected during the two-day visit to try and secure long-term purchases of USA farm and energy commodities to help shrink the US trade deficit.

Gareth Stace, director of trade body UK Steel, said he was "very, very worried" about the potential impact of a "double whammy" on British producers from the Trump administration's decision.

European Union trade commissioner Cecilia Malmström has called the approach "pure protectionism", and described it as illegal under WTO trading rules. She dismissed the argument that the tariffs were needed for USA national security reasons.

America's "playing a risky game" which risks harming the EU's economic recovery.

University of Ottawa professor Patrick Leblond said in an interview with AFP that Trudeau's newfound swagger "will help the Liberals in the next election".

Finance leaders of the closest USA 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 a G7 summit next week in Quebec. "It is pure protectionism".

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Maude on Friday told the BBC "this is stupid". "Any government that embarks on a protectionist path inflicts the most damage on itself".

The EU has filed a case at the World Trade Organization after the USA imposed a 25 per cent duty on European steel and a 10 per cent duty on European aluminium on Friday.

Mexico said that the tariffs would "distort global trade" and vowed to penalize U.S. imports, including pork, apples, grapes, cheeses and flat steel.

In a statement to The Associated Press, the company said it views the tariffs with "regret and concern".

Janzen says the steel and aluminum tariffs are a unique result of Trump policies whereas softwood lumber has been an irritant for several administrations of both political parties.

VW says "there are fears that this marks the start of a negative spiral of measures and countermeasures where there will ultimately be no winners".

Canada's softwood lumber sector has been dealing with the latest US tariffs to hit the industry for almost a year, handing over more than $200 million in 2017 to cover duties of about 20 per cent of the value of all exports.

The riposte would be "firm" and "proportionate", and in line with WTO rules, Macron said. But companies in the US that use imported steel will face higher costs.

Despite Trudeau's claim that Canada had reached an impasse with the U.S.in NAFTA talks, the official said the USA would continue to pursue negotiations, acknowledging that a "range of issues remain". This could mean that the EU will either neutralize or retaliate against the USA with European tariffs.

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