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.
"I think that we've had a massive effort on tax reform in the United States which has had a incredible impact on the USA economy", Mnuchin said.
Last week, U.S. President Donald Trump's administration announced that there would be a 25 per cent tariff on steel imports and a 10 per cent tariff on aluminum imports, including products from Canada. The threat of tariffs could also be a useful bargaining chip, as the USA tries to negotiate new trade agreements with Japan, Mexico, Canada, and the European Union.
In the run-up to next week's G7 summit, finance ministers and central bank governors from six of the G7 countries have slammed the United States decision to impose tariffs on steel and aluminum imports, Deutsche Welle reported.
Trump is also defending his decision to hit Canada, Mexico and the European Union with hefty steel and aluminum tariffs, a move that some observers say has made the NAFTA efforts that much more of a challenge. He has frequently threatened to withdraw the United States from the deal, but thus far he has opted to stay in while attempting to negotiate a new deal between the member countries.
While there may be Canadian-made alternatives, these tariffs will "inflict pain" on domestic firms as some inputs or unique products can not easily be switched or replaced, said Dan Kelly, the chief executive of the Canadian Federation of Independent Business.
American consumers could face price rises for products ranging from jeans to peanut butter as the global community considers countermeasures in response to us trade tariffs.
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Kudlow acknowleged the dispute over trade could jeopardise a United States economy that is now "clicking on all cylinders" with surging growth and low unemployment. They cite a 35 per cent drop in steel industry jobs in America over the last 20 years as foreign steel displaced USA production and a 58 per cent drop in aluminum production jobs between 2013 and 2016. "But we are not in a trade war", he said Sunday on CNN's "State of the Union".
"I think he's overreacting", Kudlow said of Trudeau.
He says, "this is what I regard as a family quarrel and the conversations are wide open and could well be solved in the months ahead as the conversations continue".
One of the truths on tariffs is they increase costs for consumers and, besides that, they hurt US and Canadian workers, considered the Prime Minister.
That summit, which will be hosted by Prime Minister Justin Trudeau, will also mark Trump's first visit to Canada as president.
The tariffs are also unlikely to force the Mexican government's hand, especially given current electoral dynamics. General Motors was the in the U.S.in 2017 while Ford was number three. But Commerce Secretary Wilbur Ross said there was "no longer a very precise date" as to when talks would end and that the tariffs went into effect at midnight Thursday as a result. Mexico, the US President said, had taken US auto companies, a big percentage of them.