The finance ministers for Mexico and Canada on Sunday said they were optimistic about NAFTA talks with the United States, even as trade tensions spurred by U.S. tariffs dominated the G20 meeting of world economic leaders in Argentina.
China's Ministry of Commerce announced it is pursuing legal remedy against the U.S. in a brief statement on its website — the latest in an escalating trade conflict between the world's two largest economies.
US President Donald Trump fired the biggest shot yet in the global trade war by imposing tariffs on US$ 34 billion of Chinese imports. China immediately said it would be forced to retaliate. The duties on Chinese goods started at 12:01am Friday in Washington, just after midday in China.
European Union on Monday slammed the Trump administration for considering tariffs on auto imports, saying they could lead to global retaliation against some US$ 300 billion in U.S. goods amid signs of a brewing trade war.
BMW and Hyundai Motor urged the U.S. not to impose tariffs on auto imports, joining General Motors Co. in pressing their case to the Commerce Department even as a top aide to President Donald Trump dismissed the concerns as “smoke and mirrors.”
Canada began imposing tariffs Sunday on US$12.6 billion in U.S. goods as retaliation for the Trump administration's new taxes on steel and aluminum imported to the United States. Some U.S. products, mostly steel and iron, face 25% tariffs, the same penalty the United States slapped on imported steel at the end of May.
Global Times Editorial
The Trump administration announced tariffs on Chinese high-tech and industrial imports worth of US$50 billion. The first round, on imports totaling US$34 billion, will begin July 6, while the second round is still under review.
Prime Minister Theresa May has paid tribute to Canadian PM Justin Trudeau's leadership after a G7 summit which she described as difficult. President Donald Trump attacked America's closest allies in tweets after leaving the meeting in Canada. He said Mr Trudeau was very dishonest and weak and acts hurt when called out.
China said on Sunday it wouldn’t step up its purchases of United States products if President Donald Trump goes ahead with his threat to tax billions of dollars’ worth of Chinese imports. White House advisers insisted on fundamental changes in ties between the world’s two biggest economic powers.