Back in March, President Trump declared his administration meant to impose global tariffs of 25 percent on imported steel and 10 percent on aluminum, based on national security concerns.
"The worldwide community is faced with significant economic and security issues, which are best addressed through a united front from G7 countries", said that statement. "Any measures that reduce trade and probably consequently limit passenger travel are bad news", Alexandre de Juniac, director general of the International Air Transport Association (IATA), said at the association's annual meeting in Sydney.
"We are having intense conversations about what we can do to support them", he told reporters after a Cabinet meeting to discuss possible aid.
Brussels trade chief Cecilia Malmstrom was keen to stress she is not targeting any one side, with Beijing one of the driving forces behind Mr Trump's decision to impose tariffs.
The real danger for oil prices is that Trump's trade crusade curtails oil demand at a time when OPEC and its non-OPEC partners could begin adding oil back into the market.
In response, the Canadian government announced a plan to impose retaliatory tariffs on U.S. metals and other products, including agricultural items, representing a total value of $12.8 billion.
Trump responded to the Canadian tariffs on up to $16.6 billion worth of US imports, saying the days of the USA being taken advantage of in trade deals "are over". "We're that interconnected, so we want a win/win, and that's what we've been working toward".
In Canada, Trudeau announced what he called "directly reciprocal" tariffs targeting US products like steel and toilet paper.
Following President Donald Trump's decision to implement steep tariffs on Canada, Mexico, and the European Union, Sen. But Commerce Secretary Wilbur Ross said there was "no longer a very precise date" as to when talks would end and that the tariffs went into effect at midnight Thursday as a result.
U.S. President Donald Trump.
Meeting in Whistler, Canada for a Group of Seven finance ministers' meeting, . top officials from Canada, France, Germany, Italy, Japan and the United Kingdom. issued a joint statement expressing (quote)"unanimous concern and disappointment".
But after totaling the value of Canada's list of United States goods subject to tariffs using import data, Business Insider found that the value of these exports is equal to roughly just over $15 billion USA dollars, or 19 billion Canadian dollars.
The U.S.is a vastly larger economy than Canada.
The real threat China presents to the USA economy and US businesses is not a trade imbalance, but unfair trade practices such as discriminatory market access, including foreign ownership restrictions, forced technology transfers as a condition of doing business in China, and outright intellectual property theft. "It puts us in a position where we're defending first principles, which is Canadians' rights to a strong and healthy economy for their families".
"What we've shown this week is that when faced with challenges that were going to not be in Canadians' best interests, that we'll take action", said Morneau, the point person for Trudeau on many of these major files.