US TRADE WAR ramps up

Finance Minister Bill Morneau attends the G7 finance ministers meeting in Whistler B.C. Thursday

"By the time I finish trade talks, that will change", he tweeted.

"The prime minister raised the USA decision to apply tariffs to European Union steel and aluminum imports, which she said was unjustified and deeply disappointing", a spokesman for the prime minister told reporters.

This kind of punch-counterpunch makes Canadians like Michael Seamen really nervous.

Based on the solid rally in the stock market, I think investors are saying the countries involved don't have the fire power to retaliate strong enough to disrupt the US economy or dramatically effect corporate earnings. As a fine friend and ally of the United States, nobody denies that.

The US president has said the tariffs are needed to protect US steel and aluminium industries vital to the nation's security.

"We've had a situation for many years where China has not treated American companies fairly and the trade deficit has grown and grown and grown", Branstad said in March.

"Here, the European Union is claiming that the Americans have implemented trade restrictions - in this case, the steel and aluminum tariffs - that violate the rules of the global system", Chad Bown, senior fellow at the Peterson Institute for worldwide Economics told All Things Considered.

"I think Canadians will judge us based on our actions and I think those actions are clearly meant to defend Canadians' economic interests".

"The president is going to defend this country", he added.

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Distribution of aid could be a thorny challenge.

There is also the possibility that if Trump sees that his nationalist, anti-foreign attacks succeed in electrifying his power base, he may decide to keep waving the flag even though many economists say it will hurt the much as anyone else.

The sector accounts for about 22,000 direct jobs and supports 100,000 jobs indirectly, Galimberti's association said.

"This is the approach we took with softwood lumber, we'll be taking the same approach yet again this time with Quebec firms in aluminum".

Meanwhile, negotiations with Canada and Mexico regarding the North American Free Trade Agreement are turning toxic as those countries weigh retaliation against Washington for the new steel and aluminium tariffs.

Calling Trump a "trade reformer", Kudlow said the president has been committed to protecting USA workers and jobs from a trade system that "is not working" ever since "day one" of his administration.

But, the U.S.' trade partners refused to give ground, especially since the Trump administration subsequently launched an investigation into automotive imports, which led the European Union, in particular, to come to the conclusion that offering concessions would only be met with demands for more concessions. Canada and Mexico import about $39 billion in farm products while China's share is $20 billion and the European Union brings in around $12 billion. "They kick us on dairy, [which] puts people out of work in Wisconsin".

The metal tariffs imposed on the European Union and Canada are the latest escalation by the USA on the trade front that has roiled financial markets for months and prompted the International Monetary Fund to warn of a trade war that could undermine the broadest global upswing in years. It's not necessarily China or the traditional sort of dumpers that you'd associate with negative behaviour.

The plan identified 10 industries such as driverless cars that China wants to become globally competitive in by 2025, and globally dominant in during this century.

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