Trump says he wouldn't mind replacing NAFTA with 2 deals

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Donohue's statement came the same day Trump said the US would implement a 25 percent tariff on steel and a 10 percent tariff on aluminum on American allies Canada, Mexico and the European Union.

His Tweet came in the same week the US 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 past year.

Finance leaders of the closest U.S. allies have vented their anger over the Trump administration's metal import tariffs but ended a three-day meeting in Canada with no solutions, setting the stage for a heated fight at a G7 summit next week in Quebec.

Prime Minister Justin Trudeau announced that Canada will impose retaliatory tariffs on $12.8 billion worth of U.S. goods in response to Trump's metals tariffs.

Trudeau added that he does not know what Trump wants Canada to do in order to remove the tariffs, because the USA actually exports more steel to Canada than Canada sends to the US, and when it comes to oversupply from China, Canada is on the same page as Trump. It also used the national-security argument to impose tariffs on steel imports from Canada, its neighbor to the north. Trump tweeted. "They must open their markets and take down their trade barriers!"

However, readily available Canadian substitutes for these USA goods could get a boost as result, said Joanne McNeish, an associate professor at the Ted Rogers School of Management at Ryerson University. "Why is the prime minister waiting three weeks to impose these counter-measures specifically on steel and aluminum when the USA tariffs came into effect right away?" "We said that we were collectively hoping that he would bring the message back of regret and disappointment at the American actions and concern that they are not constructive", said Morneau. But President Donald Trump has dusted them off in recent months and restored tariffs to a prominent place in his America First approach to the rest of the world.

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.

While there may be Canadian-made alternatives, these tariffs will "inflict pain" on domestic firms as some inputs or unique products can not easily be switched or replaced, said Dan Kelly, the chief executive of the Canadian Federation of Independent Business. "As Canada, we need a rules-based system".

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In response to the USA move, Canada and the European Union have threatened to retaliate with tariffs of their own, prompting France's finance minister to say the "tense and tough" Whistler meetings were much more of a "G6 plus one" than a G7.

US President Donald Trump is insisting the United States can not afford to lose a trade war when it is being "ripped off".

Two things: Raise government revenue and protect domestic industries from foreign competition. China said it would retaliate US tariff threat materialize.

Trump's hard-line rhetoric comes as Commerce Secretary Wilbur Ross returns from China as part of the ongoing trade discussions.

Meanwhile, the European Union on Friday lodged an official complaint with the WTO over Trump's "unfair" trade tariffs.

"They're our allies, but they take advantage of us economically". Special restrictions related to the trade.

For example, Massow said, Canada imports just $3 million worth of yogurt from the US annually - most of which is from Wisconsin, the home state of House Speaker Paul Ryan.

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