Trump says he wouldn't mind replacing NAFTA with 2 deals

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Canadian Prime Minister Justin Trudeau today slammed the tariffs imposed by the Trump administration on steel and aluminum as "insulting and unacceptable" and said he would retaliate by placing similar penalties on USA goods.

"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", Freeland said in a statement issued yesterday.

Morneau's comments came after an acrimonious three days of talks-with Mnuchin on the receiving end of much of the frustration-in which America's allies protested against President Donald J. Trump's decision to impose tariffs on steel and aluminum from the European Union (EU), Canada and Mexico.

The nations responded with retaliatory measures of their own, with critics, like Trudeau, calling the new tariffs "totally unacceptable".

At the same time, he called the attention on the fact that Trump said to be anxious over the commercial deficits that, in the case of Canada, the USA has a superavit of two billion dollars in the steel trade.

Continuing his tirade against Trump, Trudeau rubbished the USA president's claim that it was imposing tariffs on steel and aluminium goods of Canada in order to "protect American national security interests".

"As a key NORAD and North Atlantic Treaty Organisation ally of the United States, and as the number-one customer of American steel, Canada views the USA trade restrictions imposed on Canadian steel and aluminum as absolutely unacceptable", Freeland said.

Kudlow, the president's top economic adviser, said the friendship between the United States and Canada has nothing to do with the tariffs.

Ottawa immediately hit back with proportional Can$16.6 billion ($12.8 billion US) in tariffs on United States steel and aluminum as well as consumer goods.

Many of them have promised an appropriate response to the US' actions, which are openly being called a "trade war". He added: "This is a trade dispute, if you will".

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What is worrying for the Trump administration is the fact that Canada, Mexico, the European Union and China are all retaliating and ceding very little ground. "They're saying something that we believe is patently untrue".

The G7 ministers urged US Treasury secretary Steven Mnuchin to deliver their message before leaders of the group's member countries meet next week in Quebec.

"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. But a Business Insider analysis found that the Canadian tariffs could apply to $15 billion or more in USA goods.

French finance and economy minister Bruno Le Maire said sessions had been "tense and tough" and that "I would say it's been far more a G6 plus one than a G7".

Le Maire said it is up to the United States to take action to rebuild confidence among G7 members and to avoid any escalation during the upcoming leaders' summit.

The tariffs are also unlikely to force the Mexican government's hand, especially given current electoral dynamics.

Mexico Foreign Minister Luis Vinegary labeled the tariffs "unjust and unilateral" but said Mexico will continue to negotiate with Washington to revamp the North American Free Trade Agreement.

"What companies is going to want to invest in Canada if five years later there might not be a trade deal with the United States?" he said. "It's not going to happen like that anymore", he said.

Trump also said in a separate tweet that "The United States must, at long last, be treated fairly on Trade".

Mnuchin faced so much criticism from his counterparts that Japanese Finance Minister Taro Aso said he nearly "felt sorry" for the US finance chief.