All trade progress is off if USA imposes tariffs, China says

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Canadian Prime Minister Justin Trudeau said called U.S. President Donald Trump's decision to place tariffs on Canadian aluminum and steel "punitive" and "totally unacceptable", and has outlined dollar-for-dollar retaliation, CTV news reported.

His Tweet came in the same week the USA said it will no longer exempt major allies, including Canada, Mexico and the European Union, from another major tariff - 25% on imported steel and 10% on imported aluminum steel - it announced a year ago.

That meeting, which will be hosted by Canadian Prime Minister Justin Trudeau, will be Trump's first visit to Canada as president.

Trump announced that the USA will go ahead with a plan to impose tariffs on $50 billion worth of Chinese imports just 10 days after the two reached the truce agreement in Washington.

US from June 1 began to levy duties on steel imports (25%) and aluminium (10%) from Europe, Canada and Mexico. "They must open their markets and take down their trade barriers!" he wrote.

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Trump said on Friday he might prefer to end NAFTA in favor of separate bilateral agreements with the two US neighbors. "Why is the prime minister waiting three weeks to impose these counter-measures specifically on steel and aluminum when the US tariffs came into effect right away?"

Speaking to reporters, Mnuchin said that global economic leadership remains one of President Trump's goals, adding that national security was also of importance to the U.S. But the security aspect is what many of other leaders see as problematic. "And on top of that, these tariffs are going to be hurting American workers and Canadian workers".

In the United States, tariffs - also called duties or levies - are collected by Customs and Border Protection agents at 328 ports of entry across the country. Trump has regularly criticized Canada's system, including last week.

Over a span of just a few days, the Liberals announced a plan to potentially spend $4.5 billion to buy a controversial pipeline, watched the chances of a quick NAFTA renegotiation sputter and joined other G7 allies in moving closer to a punishing tariff war with the United States.

Canadian Finance Minister Bill Morneau said that Washington's decision to impose the tariffs - Canada provides half of all USA aluminum imports - had lessened the chances for a successful outcome of the NAFTA talks.

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"Your comments, in addition to political meetings between your staff and President Trump's advisers, for which there has been little information provided to us, are quite worrisome". "We will continue to defend supply management", she said, declining to elaborate. Ryan has said Nafta's biggest problem "comes from the north". Tariffs discourage imports by making them more expensive.

Analysts are concerned that Trump's foreign trade policy may risk the country's trade agreements with countries that account for $2.5 trillion of the United States' annual merchandise trade.

Mnuchin said he had informed Trump of his discussions but that trade was only one of many issues on a full agenda.

After years of trade agreements that bound the countries of the world more closely and erased restrictions on trade, a populist backlash has grown against globalization.

International Monetary Fund Managing Director Christine Lagarde said if trade is "massively disrupted", the level of public trust in leaders will be severely damaged.

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