Trade wars are scary. Why isn't Wall Street freaking out?

THE CANADIAN PRESS  Jeff Mc Intosh                       Minister of Finance Bill Morneau speaks to the media in Calgary Alta

Canadian Prime Minister Justin Trudeau has called the US's tariffs "totally unacceptable" and "an affront to the longstanding security partnership" between the states and Canada.

"These unilateral tariffs, imposed under a false pretext of safeguarding USA national security, are inconsistent with the United States' global trade obligations and WTO rules", Foreign Minister Chrystia Freeland said in a statement.

Not only did Trump step up trade penalties on China, announcing a few days ago that tariffs on $50 billion worth of Chinese goods would go forward, but he moved to impose tariffs on Canada, Mexico and the European Union, the U.S.' closest allies and trade partners.

"If the US rolls out trade measures including tariffs, all the agreements reached in the negotiations won't take effect", state-run Xinhua News Agency reported Sunday, citing a statement from the Chinese team that met with a USA delegation led by Commerce Secretary Wilbur Ross.

He said Canada would impose retaliatory tariffs against American-made steel and aluminum, as well as on other goods.

Prime Minister Justin Trudeau has taken exception to the fact that the USA has imposed tariffs for "national security" reasons.

Canada had earlier announced retaliatory tariffs on a range of United States imports, including maple syrup and ballpoint pens.

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Prime Minister Justin Trudeau says the US administration's decision to place tariffs on Canadian aluminum and steel citing national security issues is an insult.

US Treasury Secretary Steven Mnuchin was the prime target of the criticism at the meeting of Group of Seven finance ministers and central bank governors in Canada, with the six other G7 member countries subject to the US metals tariffs, which were imposed on national security grounds. The group includes Canada, France, Italy, Germany, the United Kingdom, Japan and the United States.

Canadian officials have said that their proposed tariffs are meant to affect about $12.8 billion in goods coming from the US, roughly equal to the amount of Canadian goods hit by the Trump tariffs.

American consumers could face price rises for products ranging from jeans to peanut butter as the global community considers countermeasures in response to us trade tariffs. As the meeting was wrapping up, he tweeted, "When you're nearly 800 Billion Dollars a year down on Trade, you can't lose a Trade War!"

"They're our allies, but they take advantage of us economically", Trump said. "But we are not in a trade war", he said Sunday on CNN's "State of the Union".

The French official expressed hope that the discussion will lay the foundation for successful talks during next week's summit of G7 national leaders in Quebec's Charlevoix region. He said Trudeau was "overreacting" to the new tariffs. "Recent signs of protectionism from the US are a risk to the forecast, raising the possibility of a global trade war", the IEA said in March, when Trump originally proposed tariffs. He exempted Canada, Mexico and the European Union pending additional talks to ease USA concerns. "It's not going to happen like that anymore", he said.

"We need to demonstrate that as a sovereign nation we're in charge of our affairs and we can't accept that someone damages our economy for reasons that make no sense", said Morneau, who insisted he doesn't know the American motivation behind the tariffs.

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