Trudeau Says Pence Scuttled NAFTA Deal With Untenable Ultimatum

The U.S. trade action has spooked investors, sending key U.S. stock indexes down in Thursday morning trading. Highly restrictive on Trade! Obviously the stock market agrees, because when you look what’s going on with the stocks, they’re starting to see I’m right, ‘ he said, on a day the market rebounded on a good economic report that Trump touted in advance on Twitter.

“Where he’s been consistent is trade protection”, said Flavio Volpe, president of the Automotive Parts Manufacturers’ Association of Canada and an adviser to the federal government on the NAFTA talks.

Canada and Mexico are planning to retaliate against the US measures, and the European Union has already drawn up a ten-page list of tariffs on USA good including Harley Davidson motorcycles and peanut butter.

She dismissed the Trump administration’s argument that the tariffs are needed for US national security reasons.

Brussels lodged an eight-page list at the global trade body of goods it would hit with retaliatory measures.

Tensions between Canada and the current United States administration are escalating in intensity amidst the new trade war launched by President Donald Trump.

The Australian Stock Exchange is bracing for a soft start to June as the global economy grapples with a new trade war after the USA announced it will go through with tariffs on aluminium and steel imports from Canada, Mexico and the European Union.

But Dr Fox warned against a “tit-for-tat” escalation in the light of European Union counter measures, adding: “There can be no victors in a trade war, only casualties”.

“Our soldiers who had fought and died together on the beaches of World War II…and the mountains of Afghanistan, and have stood shoulder to shoulder in some of the most hard places in the world, that are always there for each other, somehow… this is insulting to them”, Trudeau said.

“We need to regulate for the people who want to play in that space, if I can put it that way”.

Tariffs of 25pc on steel imports and 10pc on aluminium were imposed on the EU, Canada and Mexico from today.

But after fruitless negotiations, Mr Trump’s trade envoy Wilbur Ross announced tariffs would be applied as of 6am on June 1.

Britain’s International Trade Secretary Liam Fox said Theresa May would use the meeting to try to convince Mr Trump to back down from what he called an “illegal” maneouvre by the US.

“We were not at the negotiating table. Our offer was: “You take this gun away from us, we sit together as friends and equals and we discuss”, and this would eventually lead to negotiations”, Malmstrom told a news conference in Brussels. “We never got this”. “For the moment that door is closed”, she said. But a trip already fell apart when Trudeau was informed by Vice-President Mike Pence in a phone call that the United States would mandate a “sunset” clause of five years in the new trade agreement. The bikes, along with other iconic USA products, could be hit with retaliatory tariffs. “They can not believe they have gotten away with this for so many decades”.

“This is a bad day for world trade”, responded European Commission President Jean-Claude Juncker, who announced there is “no choice” but to proceed with a World Trade Organization dispute settlement case and additional duties on numerous US imports.

Britain exports about 350,000 tonnes of steel to the United States each year, worth about £360 million and making up 7 per cent of the total… Though his allies had pleaded for more time, Ross announced that the administration would now impose tariffs on all three at midnight.

Trump has long railed against NAFTA, condemning it as a job-killing “disaster” that has decimated US manufacturing. The tariffs – 25 percent on imported steel, 10 percent on aluminum – take effect Friday.

The E.U. and Canada also brought cases against the U.S.at the World Trade Organization on Friday.