G7 finance ministers warn USA against trade war over metal tariffs
00:59, Jun 4, 2018
Copyright 2015 All rights reserved. This material can't be published, transferred, copied or redistributed.
Trump's tweet came a day after he ignited global condemnation by imposing tariffs on steel and aluminum imports from Canada and two other key United States allies - the European Union and Mexico.
Economists say the standoff with the European Union could tip towards a trade war, particularly after Trump last week launched another national security investigation into vehicle and truck imports that could lead to new US tariffs.
The EU threatened to make good on a threat it issued in March to impose tariffs on imports from the US that is 10 pages long, including everything from corn and tobacco, to T-shirts, Levi's jeans, bourbon, motor boats and various forms of steel.
Trump criticized Canada's softwood lumber and agriculture policies, using them as examples of how America is being treated poorly by Canada.
"The EU believes these unilateral USA tariffs are unjustified and at odds with World Trade Organization rules".
Mnuchin rejected comments from some G7 officials that the United States was circumventing worldwide trade rules with the tariffs or ceding global economic leadership.
Canada has responded by imposing dollar-for-dollar tariff "countermeasures" on up to $16.6 billion worth of US imports.
"Will the rest of Europe turn their attention to Germany and say look, Trump has a problem with you and we are suffering the consequences".
The tariffs, which apply to a long list of USA products that includes everything from flat-rolled steel to playing cards and felt-tipped pens, will go into effect July 1, Foreign Affairs Minister Chrystia Freeland told a news conference Thursday.
Likewise, the Trump trade team sought to use the tariff threat to pressure Europe into reducing barriers to US products.
The US decided the tariffs in March, but gave Canada and the European Union - the biggest sources of foreign aluminium and steel for the US - a grace period that ended on May 31.
Now, both of those men have left the White House, and Trump has gravitated instead toward seeking the counsel of trade hardliners like Commerce Secretary Wilbur Ross, senior adviser Peter Navarro, and U.S. Trade Representative Robert Lighthizer.
In Canada, Prime Minister Justin Trudeau said on Thursday that the tariffs were "totally unacceptable".
Washington had granted Canada and Mexico an exemption on the metals tariffs to give the parties time to successfully renegotiate the 1994 continental trade pact.
Industry experts have warned that EU retaliation could encourage the Trump administration to strike back with more trade barriers on items like European cars.
The U.S. tariffs coincide with - and could complicate - the Trump administration's separate fight over Beijing's strong-arm tactics to overtake U.S. technological supremacy.
Both sides also discussed global issues, including North Korea and Iran.
"The Administration will continue to monitor steel and aluminum imports and adjust the measures in effect as necessary to protect the national security of the United States".
We are not seeking to escalate the situation.
Trump invoked a 1962 trade law to erect protections for USA steel and aluminium producers on national security grounds, amid a worldwide glut of both metals that is largely blamed on excess production in China.
The response followed Washington's decision on Thursday to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum imports from the EU, Canada and Mexico.
Industry officials and defence experts have compared the level of integration between the Canadian and American defence industries to the auto sector.
On May 23rd, days before a scheduled meeting with the European Union and Japan on a joint trade strategy and in the middle of talks to revamp the North American Free-Trade Agreement (NAFTA), it began an investigation into whether auto imports are a threat to America's national security.
In addition, Fathollah-Nejad said Israel is anxious about "a permanent Iranian military presence across the Israeli border". President Donald Trump's description of him as " Animal Assad ", the Syrian leader said: "What you say is what you are".
A tropical storm warning is in effect for a stretch of coastline between Florida's Suwannee River and the Alabama-Florida border. As tropical storm Alberto plows through the Gulf of Mexico, it appears to have set a course north through Alabama and Tennessee.
And Nikki - who is the twin sister of fellow wrestler Brie Bella - later admitted she was left " speechless " by his comments. We're open books, we have no filters.it just shows other women out there, you're not alone.
The prime time finals featured 11 students who had previously been to the national contest. "I wouldn't say I expected it". After her defeat, she was swarmed by dozens of current and former spellers who wished her well, smiling throughout.
And even though they missed their flight, Van Atter is going hom e with some special souvenirs born in the Sunshine State. Paramedics Larry Glanton and Lt Natalie Brown patiently delivered seven male pups, before the arrival - a little girl.
Soon it became just one Ferrari in the hunt for a podium finish as Kimi Raikkonen was forced to retire with mechanical issues. I know it sounds weird but today is the closest I think I've been but there are still areas that weren't quite ideal .
Officials also said someone had called to report shots were fired in the vicinity of Manzanita Elementary School. Additional reporting from Newsy affiliate CNN . "It's scary, I don't know what to feel", Ana Salazar told KTLA.
Hawaii County Civil Defense warning residents in lower Puna to remain vigilant, and be prepared to evacuated if necessary. The plant, which is owned by Ormat Technologies of Reno, Nevada, is across a highway from where lava has been erupting.
Rotondo, whose eviction from his parents' home drew national attention finally left hours before a court-ordered deadline. Officers arrived and the Lego bricks were found in the meantime, the newspaper said. "This isn't a game show", he said.
Lethal Weapon is packed with action, drama and pure fun and we can't wait to see Damon and Seann together on screen. Another said , "That no official words have been spoken, just rumors spread by the tabloids".
Apple iOS 11.4 released: Messages in iCloud, AirPlay 2, more
Messages in iCloud have been coming soon for nearly a while now, and its good the firm is finally delivering on their promise. Apple iPhone 5s and above, iPad Air and later, and the iPod touch 6th generation are eligible for the latest iOS 11 update .
Subtropical Storm Alberto within 50 miles of Florida
As tropical storm Alberto plows through the Gulf of Mexico, it appears to have set a course north through Alabama and Tennessee. AccuWeather said Alberto is becoming more organized as it hovers in the eastern Gulf of Mexico and is gaining strength.
Danica Patrick ends racing career spinning out of the Indy 500
Danica Patrick confirmed in February that she would end her racing career after the 102nd running of the Indianapolis 500 . They just didn't come on race day. "I can't describe it". "We'll certainly take a good luck at that for sure", Penske said.
Orlando Police Testing Amazon's Real-Time Facial Recognition
The federal government could use this facial recognition technology to continuously track immigrants as they embark on new lives'. As with other surveillance technologies, these systems are certain to be disproportionately aimed at minority communities.
David Tepper purchases Carolina Panthers
Plus, Tepper can use the sale of his minority stake to help finance this deal, giving him another quick route to revenue. And the new owners will try to get the Panthers back to the Super Bowl for their first ever championship ring.
Hungary's pressure leads Soros groups to pack up
The Open Society Foundations project was started in 1979, with the first non-US foundation opening in Hungary in 1984. Soros has remarked that the Hungarian government was attempting to slander him by pushing "distortions and lies".
Oil steady near $71 as sanctions and protests stoke risk
U.S. shale oil production is expected to rise by about 145,000 bpd to a record 7.18 million bpd in June, the U.S. OPEC, for its part, estimated that the excess oil inventories in the OECD had shrunk to just 9 million barrels.
Nirav Modi fraud cost Rs 14357 crore, says PNB
Rs 7579 crore in gross NPA addition was due to the Nirav Modi fraud; Rs 10,237 crore was due to RBI's new stressed asset circular. India's Punjab National Bank (PNB) is all set to announce its fourth quarter results today.
Arsene Wenger warns Tottenham they may need to sell Harry Kane
Today, a guy like [Tottenham striker] Kane, I don't know for much they can sell him for - £100m? 'So they could get extra provide. It will be tricky for Tottenham to balance being competitive and successful and balancing the books in the coming years.
NHL: Capitals take Game 1 against Bolts
Washington spent two flawlessly the start of the period and has naturally selected the " Tampa " home ice advantage. They bottled up the Lightning speed through the neutral zone and didn't allow them time in the offensive zone.