Trudeau: Trump's Tariffs Are 'Insulting' - Cortney O'Brien

Trudeau: Trump's Tariffs Are 'Insulting' - Cortney O'Brien

Trudeau: Trump's Tariffs Are 'Insulting' - Cortney O'Brien

Mnuchin faced an earful of complaints at the meeting as G7 officials vocalized frustration over the United States action, which was seen as alienating historical trading partners.

"The next week will depend on the decision the administration is ready to take in the next few days and in the next few hours - I'm not talking about weeks ahead", Le Maire said.

On Friday, Trump told Canada and the European Union to do more to bring down their trade surpluses, a day after hitting the two U.S. allies and Mexico with import tariffs on their steel and aluminum.

In addition, Foreign Affairs Minister Chrystia Freeland said Canada will challenge the Trump tariffs at the World Trade Organization. As was first revealed last week, the USA had told Mr. Trudeau that he would have to agree to a "sunset clause" in the deal that terminated the agreement after five years unless all parties agreed at that time to keep it alive.

The source said the federal government's list of retaliatory tariffs is made up of items that could be easily replaced by domestic suppliers or other countries - and is also created to target US states that will make the most noise in Congress.

"So it's not like the trade is imbalanced against the USA favor on this one", Trudeau said.

Canadian Finance Minister Bill Morneau said he told Mnuchin it was "our absolute view that this is absurd that Canada could in any way be a security risk".

The full interview with Trudeau will air Sunday on "Meet the Press with Chuck Todd".

One of the things I must admit is that it is hard to understand this is due to the fact that the president and his administration have decided that Canada and its steel and aluminum are a threat to the national security of the United States, lamented Trudeau. "That Canada could be considered a national security threat to the United States is inconceivable".

Trudeau also faced pressure Monday to speed up Canada's tariff retaliation on US steel and aluminum imports, while it consults on imposing levies on other American consumer goods. Well, they have a $2 billion surplus on steel with us.

About halfway through the above clip, after Kudlow praises Trump's trade policy extensively, Wallace shows a clip from March when Kudlow was an analyst for CNBC.

"It might. I don't deny that. You have to keep an eye on it", adding that he doesn't think it has so far.

Canada, the largest supplier of steel to the United States, will impose tariffs covering C$16.6 billion ($12.8 billion) on USA imports, including whiskey, orange juice, steel, aluminum and other products. The tension spilled over into talks to update the three-nation North American Free Trade Agreement, which have effectively stalled.

The trade penalties include a 25 percent tax on imported steel and a 10 percent tax on imported aluminum.

If the WTO decides to rule in this case, it will be largely unprecedented as "the United States really hasn't done this at any great scale before, and trading partners really haven't done the same thing because it's broadly seen as a major excuse", Bown says.

"The U.S. dollar is quite a bit stronger than the Canadian dollar", he said.

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.

On Monday, Canada's building trades union said they back the decision to retaliate against the United States.

Japanese Finance Minister Taro Aso, whose country's steel and aluminum producers have been paying the USA tariffs since March 23, labelled the U.S. decision as "deeply deplorable", saying it was the "US against everyone else".

Japanese Finance Minister Taro Aso said it was "unprecedented" for the group to stand united against US policy, while Bank of Japan Governor Haruhiko Kuroda said the effects of protectionist policies on the global economy "warrant attention".

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