Trade frictions between the United States and Canada are a "family quarrel", President Donald Trump's economic adviser said on Sunday, brushing aside concerns expressed by Canadian Prime Minister Justin Trudeau as an overreaction.
Prime Minister Theresa May told President Donald Trump on Monday that US tariffs imposed on European Union steel and aluminium imports were "unjustified and deeply disappointing" during a phone call, her spokesman said.
Canada is imposing tariffs on $12.8 billion worth of USA products. "But we're also putting a number of tariffs on consumer goods, finished products for which Canadians have easy alternatives", he said during an interview aired Sunday on NBC's "Meet the Press."
It looks like Canada is getting some help standing up to the bully - Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron and several other world leaders are fighting back against Trump after his decision to slap aluminium and steel tariffs on close USA allies. How, he wondered aloud, did Canada suddenly become a national security threat to the United States?
But Trudeau, who on Thursday called the tariffs "totally unacceptable", signaled that he was open to the kind of conciliation that Kudlow suggested.
All six of the other G7 countries are now paying the tariffs, which are largely aimed at curbing excess production in China.
When asked if these tariffs could jeopardize the economy, Kudlow said, "Oh, it might".
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After Trump lifted those exemptions, Trudeau tweeted last week that the measure amounted to an "attack on our industry" and vowed to impose "dollar for dollar" retaliatory tariffs on the U.S. They're furious. Jim Graham from Cornwall, Ontario says he wants Canada's prime minister to keep punching back. "It has, in some cases, damaged the American economy, damaged American workers in manufacturing and other businesses", Kudlow said.
He told MPs: "It is right to seek to defend our domestic industries from both the direct and indirect impacts of these USA tariffs.it's important that the United Kingdom and the European Union work within the boundaries of the rules-based global trading system". The president said the tariffs being charged against other countries would help to fund the US government, and repeated his refrain that the USA could not lose a trade war in a worldwide climate where the rules were already stacked against American business. The Trump administration needs all its manpower to address the current trade deficit, China's unfair trade practices, and China's future ambitions.
The Trump administration's National Security Strategy, published late previous year, called for a redoubling of efforts to stave off long-term strategic competitors, especially China and Russian Federation. "This is a trade dispute, if you will".
With all of this happening, an intense rush of NAFTA talks failed to generate a new agreement.
Meanwhile US Commerce Secretary Wilbur Ross met Chinese Vice Premier Liu He in Beijing to try to ease trade tensions. "Not acceptable!" Trump said in a Twitter message.
The real danger for oil prices is that Trump's trade crusade curtails oil demand at a time when OPEC and its non-OPEC partners could begin adding oil back into the market.
"Our objective is to make sure we have fair and balanced trade", Mnuchin said in the Canadian ski resort town.