Donald Trump hints at new deal

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Morneau, speaking at the end of the Group of Seven ministerial meeting, said that the finance ministers and central bank governors were unanimously opposed at the harsh U.S. steel and aluminum tariffs imposed by the Trump administration.

The finance ministers of the six countries, who participated in the G7 Finance Ministers Meeting in Whistler, Canada, along with US Treasury Secretary Steven Mnuchin have threatened to impose their own set of tariffs on American goods.

French Finance Minister Bruno Le Maire also expressed his anger as the meetings ended.

This breakdown happened in the midst of President Donald Trump's decision to levy stiff tariffs on steel and aluminum imports from a swath of American allies including Canada and Mexico, provoking likely retaliation and a possible all-out trade war.

"Our steel and aluminium industries are hugely important to the United Kingdom, but they also contribute to USA industry including in defence projects which bolster U.S. national security". The White House Office of Management and Budget expects tariffs to fetch $40.4 billion this year. They report a really high surplus on trade with us.

The dispute over United States president Donald Trump's new levies on steel and aluminium imports is driving a wedge in the G7 group of industrial nations.

As if to telegraph his nearly casual contempt for allies and rivals alike, Donald Trump let an octogenarian whom he mocked recently as "no longer a killer" fire the first shot in the trade war he declared last week.

All six of the other G7 countries are now paying the tariffs, which are largely aimed at curbing excess production in China.

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.

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The EU, Canada and Mexico vowed retaliatory tariffs on USA goods including motorcycles, T-shirts, jeans, grapes, apples, pizzas, mattresses and refrigerators.

Friction in Whistler could telegraph what may be an even tenser meeting when the leaders of the G7, including Trump and Canadian Prime Minister Justin Trudeau, hold talks next week in Quebec.

But for the most iconic newspapers in the U.S., the topic of tariffs are relegated to a short blurb among seemingly more important stories. "But I wouldn't mind seeing a separate deal with Canada, where you have one type of product, so to speak, and a separate deal with Mexico".

Trump's words followed swift responses to the tariffs by Canada, Mexico and the European Union, which plan to retaliate with levies on billions of dollars of United States goods, including orange juice, whiskey, blue jeans and Harley-Davidson motorcycles.

The EU has confirmed it is also planning a tariff counter-strike, filing a request on Friday for consultations with the World Trade Organisation.

"That is not Free or Fair Trade, it is Stupid Trade!" the president said, without specifying what tariff rates he was referring to.

The president said he would be calling leaders from both countries to discuss trade this weekend while he's at Camp David.

Peter Navarro, Trump's protectionist-leaning trade adviser, wrote in a USA Today op-ed that the metals tariffs will be a boon for American workers.

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