US Tariff Receive Criticism From EU, Canada
Steve Mnuchin, the US secretary encountered intense criticism for the new tariffs imposed in aluminum and steel imports from the agitated finance ministers of the nations of G7.
Bruno Le Maire from France has even warned the initiation of a trade war in the days to come.
Amidst the stiff conflicts of the nations with the US, Wilbur Ross, the US Commerce Secretary held a meeting with Liu He, the Vice Premier of China in Beijing in order to nullify the trade tensions. Later, China issued a warning that the trade conversations with the US will be canceled if the sanctions are implemented by Washington.
Ross is looking forward to finalizing deals on agriculture and energy. This is targeted to deplete the trade differences with China. This was done after Washington threatened to implement additional tariff worth $50 billion or £37 billion on the Chinese goods.
Xinhua, the State news agency has confirmed that China has agreed to enhance the imports with the other countries, which also included the US.
On the other hand, Trump said that the US has been deprived of trading by the other nations. He also mentioned the difficulties faced by the US firms in Europe and other places. He further backed his decision by stating that the tariff will safeguard the steelmaker that is essential for the national security.
The leaders of the European Union, Mexico, and Canada have strongly criticized the step taken by the US. Emmanuel Macron, the French president also had a telephonic conversation with Trump and stated the tariffs as illegal. However, Trump responded to his allegation by expressing that trading with the EU needs balancing. Canada has also decided to implement tariff up to 25% worth $13 billion of US exports, 1st July.
Apart from the EU, some of the US Republicans have also opposed the decision.