Trump Tell Allies to Fix Trade After US Tariffs Strike

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The prospect of a global trade war has roiled financial markets this week even if they were back in positive territory on Friday due to upbeat United States economic data.

Canada is not alone in its fight: The US measures also struck other G7 nations - and those partners have returned fire with potential tariffs of their own.

Against this backdrop, we highlight some industries that could be impacted the most by the tariffs.

The spokesperson said the government stands by its analysis that the total value of the goods subject to tariffs is 16.6 billion Canadian dollars.

In retaliation for the tariffs imposed on Canadian steel and aluminum, Trudeau announced Thursday that Canada will impose $16.6 billion worth of "countermeasures" that hit a range of USA products, from flat-rolled steel to playing cards.

Cecilia Malmstrom, the European Union trade commissioner, announced the European Union would be seeking to implement a number of retaliatory tariffs on American products by June 20.

Ms Malmstrom accused Mr Trump of "playing a risky game" as she confirmed the European Union would be taking "proportionate and measured" action against the US.

Trudeau said he'd refused to go because of the "totally unacceptable" precondition.

She added: "This is further weakening the transatlantic relations and it also increases the risk of severe turbulences in the markets globally". The EU has vowed to hit back with retaliatory tariffs.

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The door to trade negotiations with the United States is closed for the moment, EU Trade Commissioner Cecilia Malmstrom said on Friday.

The Trump administration wants China to buy more United States goods to lower a trade deficit. Last year, Bay State businesses exported almost $3 billion in goods to Canada and another $2.5 billion to Mexico.

While Mexican negotiators are scheduled to return to Washington next week to resume talks on the pivotal NAFTA issue of autos, Canadian officials say the round-the-clock phase of negotiations of the past few weeks is over.

"It's hard to imagine how you negotiate with a knife to your throat", said Jean Simard, president of the Aluminum Association of Canada.

"We regret that. We would much rather move together in partnership". "They must open their markets and take down their trade barriers!" he wrote.

"We have to believe that at some point common sense will prevail, but we see no sign of that in this action today by the United States administration". "It's Donald Trump's failure to understand the implications for the United States and world economy of his isolationist policies". He wants to break up that system.

"We have to respond strongly to it and make it clear to him that we're not susceptible to the intimidation and the threats and the bullying that he's putting in place".

Australian delegations, headed by Prime Minister Malcolm Turnbull and Foreign Affairs Minister Julie Bishop, have aggressively lobbied the White House in recent months to secure the exemption.

"I had to highlight there was no possibility of any Canadian prime minister signing a Nafta deal that included a five-year sunset clause and obviously the visit didn't happen", Trudeau said.

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