Kudlow describes USA trade dispute with Canada as 'family quarrel'

The EU also attends. But U.S. shares rose on Wednesday. "Do you really believe that Canada, that your North Atlantic Treaty Organisation allies, represent a national security threat to you?"

Canadian Prime Minister Justin Trudeau called the tariffs "totally unacceptable" and "an affront" to Canadian soldiers who have served alongside Americans in numerous conflicts.

Trade with the U.S.is particularly important to Mexico because about 80% of its exports go to its northern neighbor whereas only around 16% of US exports come to Mexico.

A few days ago, Trudeau called the metal tariffs-25 percent on steel and 10 percent on aluminum-"insulting". But in an odd twist, American consumers could eventually pay less, especially for pork products.

Both Trudeau and Freeland have appeared on major American television networks in the past week to criticize the USA tariffs as "unacceptable" and "illegal". "The impact on Canada and ultimately on workers in the United States won't be a laughing matter". What we are fighting over now, as the new order emerges, is whether the USA wants to have the most important seat at the table or not.

The group says that there are 110,000 United States jobs directly tied to U.S. pork exports to Mexico as well as to other countries. Steel exports to the USA also make up more than half of Mexican production.

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Sources with knowledge of the Trump administration's thinking say the President's annoyance with Ottawa has actually been building for almost a year: When the Trump administration started NAFTA renegotiations last summer, it expected Canada to gang up on Mexico and help force it to give up auto jobs that had been lured south. By comparison, China buys just $116 billion.

With the G7 Summit set to begin Friday in Charlevoix, Que., Freeland also responded to reports that the U.S.is planning a new round of economic penalties against Canada.

So far, only Canada and Mexico have done so.

USA stocks, apart from those of steel and aluminum producers, have fallen sharply in response to Trump's recent tariff announcements and other actions against trading partners.

Mexico is hitting the US with tariffs of its own after the U.S. In theory, taxing items coming into the country (imports) makes people less likely to buy them as they become more expensive.

Asked if the administration will respect decisions from the World Trade Organization on tariffs, Kudlow said that "international multilateral organizations are not going to determine American policy".

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Countries that import US pig meat. Bourbon-producing Kentucky and cheese-producing Wisconsin are others.

The agreement governs trade between the US, Canada and Mexico. The automotive industry is particularly vulnerable in this regard.

In response to Trudeau's objection to the recent steel and aluminum tariffs, Trump reportedly joked: "Didn't you guys burn down the White House?"

"Let us modernise what needs to be modernised", he added in reference to the WTO.

U.S. President Donald Trump "will be sticking to his guns" at the upcoming Group of Seven summit despite criticism of his trade policies from allies, one of his key economic advisers told reporters Wednesday. One estimate put it at an additional $175 per vehicle. "Everybody has been predicting this because of the steel and aluminum tariffs". Ottawa refuses to grant United States demands for a clause that would end the trade deal after five years unless it is renewed by the parties.

"Whatever kind of opportunity is out there remains to be seen", Powers said.

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