US companies leery of Trump tariffs

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"[French] President Macron expressed yesterday his willingness to work on the renewal of the trade system with the United States, but we can not negotiate, we can not enter into any kind of discussion, under pressure, and being hit by tariffs will not help us to open the door to any kind of negotiation", Le Maire said.

In his second tweet, he wrote, "If we charge a country ZERO to sell their goods, and they charge us 25, 50 or even 100 percent to sell ours, it is UNFAIR and can no longer be tolerated".

Trade war fears between the United States and its trading partners have been rife since March.

"NAFTA needs updating", he said, "but tearing it up is not the answer".

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. Mexico said it would impose tariffs on pork bellies, apples, grapes, cheeses and flat steel coming from the U.S.

Mexico complained that the tariffs will "distort worldwide trade" and threatened to penalise United States imports including pork, apples, grapes, cheeses and flat steel.

European officials said they expected the U.S.to announce its final decision Thursday.

Mexico is also affected by the tariffs.

These items include yogurt, coffee, sugar, toilet paper, sailboats, mattresses, washing machines and lawn mowers - all aimed at exerting pressure on key USA states that export a lot to Canada.

Following the conclusion today of a three-day meeting of G7 finance ministers in Whistler, B.C., Finance Minister Bill Morneau issued issued a chair's summary that says the other six members want Trump to hear their message of "concern and disappointment" over the US trade actions.

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Trudeau didn't specify what that might mean in the wake of US measures aimed at Canada, Mexico and the European Union that slap import duties of 25 per cent on steel and 10 per cent on aluminum.

While the U.S. administration's decision to hit its European and North American allies with the metals tariffs was not aimed directly at China, it also sets the background for negotiations with Beijing, where Ross was headed on Friday for talks.

On NAFTA, Ross said there was "no longer a very precise date when they may be concluded and therefore (Canada and Mexico) were added into the list of those who will bear tariffs".

Thursday's action was driven by the president's conviction that allies and adversaries routinely take advantage of the United States and that efforts to resolve trade disputes are doomed unless he wields a big tariff stick. "We will respond. And we will respond appropriately".

As reported by CNN, the said trade tariffs came into effect from Friday midnight.

Speaking after the meeting, Le Maire said the European Union was poised to take counter-measures against the new USA tariffs.

"We will now trigger a dispute settlement case at the WTO since the USA measures on steel and aluminum clearly go against agreed worldwide rules", she said.

Mr Lange said he would like to see tariffs imposed on "symbolic" United States products such as Harley-Davidson motorcycles.

Gareth Stace, director of trade body UK Steel, said he was "very, very worried" about the potential impact of a "double whammy" on British producers from the Trump administration's decision.

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