Canada has made it clear that it will not back down and will be matching dollar for dollar in response and targeting goods from red states.

President Donald Trump on Friday took to Twitter and lambasted Canada for mistreating American farmers. He said that the country has taken advantage of them for a very long time.

His tweet came hours after the U.S imposed tariffs on steel and aluminum from Canada, Mexico, and the E.U.

At a press conference on Thursday, Canadian Prime Minister Justin Trudeau criticized Trump’s decision to place tariffs on Canadian aluminum and steel. He said that the move is “punitive” and “totally unacceptable.”

Canada has made it clear that it will not back down and will be matching dollar for dollar in response and targeting goods from red states. Canada’s planned retaliatory measures will take effect on July 1, and stay in place until the U.S. backs down, stated a press release issued by the Department of Finance Canada.

According to a report by Business Insider, the U.S, Canada, and Mexico were on the verge of clinching a deal on the North American Free Trade Agreement (NAFTA). Trudeau and Trump had plans to meet to discuss the details. However, on Tuesday, Vice President Mike Pence called Canada and informed them of a sunset clause. Trudeau did not agree to this pre-condition and called off the meeting.

According to the clause, the U.S. proposed that the three countries reevaluate NAFTA after five years at a time. The clause also allowed any of the countries to walk away from the deal during that period. This was not acceptable to Canada.

A White House official, however, disputed Trudeau’s remarks, stating that the Canadian prime minister exaggerated just how close to the trade deal the three countries were.

“It is simply inaccurate for the prime minister to frame it as the parties were on the cusp of a deal and then it fell apart over a sunset clause. There were still major issues that needed to be resolved,” the White House official told Business Insider.

Tariffs To Harm Both Canada And U.S.

According to Trudeau, Trump’s tariffs will harm industries and workers on both sides of the Canada-U.S. border. He promised that his government will work to protect Canadian steel and aluminum workers.

“I’ve assured them that we’re going to be working with them to make sure that Canadian jobs are protected and that Canadian workers and communities continue to do OK despite these unnecessary and punitive actions from the United States,” Trudeau told CBC Radio’s Information Morning host Portia Clark during a stop in Halifax.

“This is obviously a ridiculous situation that the U.S. has tied national security concerns to the trade of metals from Canada,” he said.

European Commission President Jean Claude Juncker said President Trump’s tariffs were “totally unacceptable.” The EU will retaliate in due course, he said.</s>Canada has made it clear that it will not back down and will be matching dollar for dollar in response and targeting goods from red states.

President Donald Trump on Friday took to Twitter and lambasted Canada for mistreating American farmers. He said that the country has taken advantage of them for a very long time.

His tweet came hours after the U.S imposed tariffs on steel and aluminum from Canada, Mexico, and the E.U.

At a press conference on Thursday, Canadian Prime Minister Justin Trudeau criticized Trump’s decision to place tariffs on Canadian aluminum and steel. He said that the move is “punitive” and “totally unacceptable.”

Canada has made it clear that it will not back down and will be matching dollar for dollar in response and targeting goods from red states. Canada’s planned retaliatory measures will take effect on July 1, and stay in place until the U.S. backs down, stated a press release issued by the Department of Finance Canada.

According to a report by Business Insider, the U.S, Canada, and Mexico were on the verge of clinching a deal on the North American Free Trade Agreement (NAFTA). Trudeau and Trump had plans to meet to discuss the details. However, on Tuesday, Vice President Mike Pence called Canada and informed them of a sunset clause. Trudeau did not agree to this pre-condition and called off the meeting.

According to the clause, the U.S. proposed that the three countries reevaluate NAFTA after five years at a time. The clause also allowed any of the countries to walk away from the deal during that period. This was not acceptable to Canada.

A White House official, however, disputed Trudeau’s remarks, stating that the Canadian prime minister exaggerated just how close to the trade deal the three countries were.

“It is simply inaccurate for the prime minister to frame it as the parties were on the cusp of a deal and then it fell apart over a sunset clause. There were still major issues that needed to be resolved,” the White House official told Business Insider.

Tariffs To Harm Both Canada And U.S.

According to Trudeau, Trump’s tariffs will harm industries and workers on both sides of the Canada-U.S. border. He promised that his government will work to protect Canadian steel and aluminum workers.

“I’ve assured them that we’re going to be working with them to make sure that Canadian jobs are protected and that Canadian workers and communities continue to do OK despite these unnecessary and punitive actions from the United States,” Trudeau told CBC Radio’s Information Morning host Portia Clark during a stop in Halifax.

“This is obviously a ridiculous situation that the U.S. has tied national security concerns to the trade of metals from Canada,” he said.

European Commission President Jean Claude Juncker said President Trump’s tariffs were “totally unacceptable.” The EU will retaliate in due course, he said.</s>The Trudeau government has retaliated against a 25% U.S. tariff imposed this morning on Canadian steel and aluminum by levying similar tariffs on U.S. steel and aluminum coming into this country. The counter-measures go into effect on July 1st and will stay in place until the U.S. drops its tariffs, according to Foreign Affairs minister Chrystia Freeland.</s>Canada has made it clear that it will not back down and will be matching dollar for dollar in response and targeting goods from red states.

President Donald Trump on Friday took to Twitter and lambasted Canada for mistreating American farmers. He said that the country has taken advantage of them for a very long time.

His tweet came hours after the U.S imposed tariffs on steel and aluminum from Canada, Mexico, and the E.U.

At a press conference on Thursday, Canadian Prime Minister Justin Trudeau criticized Trump’s decision to place tariffs on Canadian aluminum and steel. He said that the move is “punitive” and “totally unacceptable.”

Canada has made it clear that it will not back down and will be matching dollar for dollar in response and targeting goods from red states. Canada’s planned retaliatory measures will take effect on July 1, and stay in place until the U.S. backs down, stated a press release issued by the Department of Finance Canada.

According to a report by Business Insider, the U.S, Canada, and Mexico were on the verge of clinching a deal on the North American Free Trade Agreement (NAFTA). Trudeau and Trump had plans to meet to discuss the details. However, on Tuesday, Vice President Mike Pence called Canada and informed them of a sunset clause. Trudeau did not agree to this pre-condition and called off the meeting.

According to the clause, the U.S. proposed that the three countries reevaluate NAFTA after five years at a time. The clause also allowed any of the countries to walk away from the deal during that period. This was not acceptable to Canada.

A White House official, however, disputed Trudeau’s remarks, stating that the Canadian prime minister exaggerated just how close to the trade deal the three countries were.

“It is simply inaccurate for the prime minister to frame it as the parties were on the cusp of a deal and then it fell apart over a sunset clause. There were still major issues that needed to be resolved,” the White House official told Business Insider.

Tariffs To Harm Both Canada And U.S.

According to Trudeau, Trump’s tariffs will harm industries and workers on both sides of the Canada-U.S. border. He promised that his government will work to protect Canadian steel and aluminum workers.

“I’ve assured them that we’re going to be working with them to make sure that Canadian jobs are protected and that Canadian workers and communities continue to do OK despite these unnecessary and punitive actions from the United States,” Trudeau told CBC Radio’s Information Morning host Portia Clark during a stop in Halifax.

“This is obviously a ridiculous situation that the U.S. has tied national security concerns to the trade of metals from Canada,” he said.

European Commission President Jean Claude Juncker said President Trump’s tariffs were “totally unacceptable.” The EU will retaliate in due course, he said.</s>NEW YORK (Reuters) - The greenback on Thursday strengthened against the Canadian dollar and the Mexican peso following news the United States will impose tariffs on aluminium and steel imports from both neighbouring countries, as well as from the European Union.

The announcement ends months of uncertainty about potential exemptions and reignited fears of a global trade war.

“On balance adjusted trade measures are usually... negative for the USD because it is seen as lying on a continuum with a preference for a weaker currency,” said Daniel Katzive, head of FX strategy North America at BNP Paribas in New York.

“But it can also have an impact on the risk environment and the economic outlook in other countries, which makes things complicated.”

Against the Canadian dollar, the greenback strengthened by as much as 0.9 percent to a session high of 1.299, retracing most of the gains made by the loonie Wednesday on the back of a hawkish Bank of Canada statement.

The psychologically significant barrier of 20 pesos to the U.S. dollar was broken following the tariff news, before the exchange rate settled just under that level, last at 19.954.

Not all investors were certain the gains would persist. At the very least, “I do think that if negative news about non-farm payrolls comes out, we’re going to see dollar losses,” said Michael Diaz, head of foreign exchange at XE in Buena Park, California in reference to the Bureau of Labor Statistics jobs report that will be released on Friday morning.

The euro remained resilient against the dollar, in spite of the trade announcement, maintaining levels set earlier in the day on the news that Italy’s anti-establishment political leaders Matteo Salvini and Luigi Di Maio reached a deal to resurrect their proposed coalition government, averting the prospect of a new snap election which had rattled global markets.

The rise of a potentially eurosceptic government in Italy and the impact that could have on the stability of Europe had driven the euro to 10-month lows against the dollar on Tuesday.

The euro strengthened against the dollar on Thursday, climbing half a percent to a three-day high of $1.1724, after having risen 1.1 percent the previous day, its second-biggest daily gain this year.

The dollar shed 0.5 percent to 108.37 yen, edging back toward Tuesday’s five-week low of 108.10 yen.

The dollar index, which measures the greenback against a basket of six major currencies, was down 0.4 percent to a session low of 93.717.</s>Prime Minister Justin Trudeau and Global Affairs minister Chrystia Freeland responded with another $16.6 billion worth of tariffs against U.S. imports.</s>Canada Responds To Steel Tariffs By Imposing Dollar-For-Dollar Tariffs On U.S. Goods

Canadians are reacting to the tariffs leveled on them by the Trump administration on steel and aluminum products. In response, the Canadian government is imposing dollar-for-dollar tariffs on U.S. goods, including beer, whiskey and yogurt.</s>Canadian Prime Minister Justin Trudeau said Thursday he offered to go to Washington this week to complete talks on renegotiating the North American Free Trade agreement but that Vice President Mike Pence called and told him a meeting with the U.S. president would only happen if Trudeau agreed to put a five-year sunset clause into the deal.

Trudeau said he refused to go because of the "totally unacceptable" precondition. He made the comment while outlining Canada's response to U.S. tariffs on steel and aluminum imports.

Late Thursday, President Donald Trump responded in a statement released by the White House, "Earlier today, this message was conveyed to Prime Minister Justin Trudeau of Canada: The United State (sic) will agree to a fair deal, or there will be no deal at all."

In a call to Trump last Friday, Trudeau offered to meet Trump because he felt they were close to an agreement that only required a "final deal-making moment."

Trudeau said Trump seemed agreeable before Pence called him on Tuesday.

"I stated that I thought we were quite close to reaching an agreement, and perhaps the time had come for me to sit down with the president in Washington in order to finalize the NAFTA agreement," Trudeau said in French. "We already had the bones of a very good agreement for all parties, and I thought it might be opportune for all of us to sit down for a few hours and discuss it."

Trudeau has long said he wouldn't agree to a sunset clause because businesses need certainty when they make long-term investments and putting a sunset clause in every five years would create uncertainty.

"I had to highlight there was no possibility of any Canadian prime minister signing a NAFTA deal that included a five-year sunset clause and obviously the visit didn't happen," Trudeau said.

Pence discussed preliminary issues that the Trump administration wanted clarity on before any in-person meeting at the White House, including the sunset clause, according to a White House official who spoke on condition of anonymity to describe internal discussions. The official said a range of issues remain to be resolved but the U.S. looks forward to continuing the negotiations with Canada.

Trudeau earlier deplored a decision by Trump to impose tariffs on steel and aluminum imports. Canada announced plans to slap tariffs on $12.8 billion worth of U.S. products, ranging from steel to yogurt and toilet paper

Trudeau said he regrets the action but said they must do it.

"We have to believe that at some point their common sense will prevail. But we see no sign of that in this action today by the U.S. administration," Trudeau said.</s>Prime Minister Justin Trudeau says his government will work to protect Canadian steel and aluminum workers as the tariff tiff between Canada and the U.S. ramps up.

Trudeau says he's already reached out to Canadian steel and aluminum producers to talk about upcoming short-term challenges after the U.S. moved to impose 25 per cent tariffs on some foreign steel and 10 per cent on aluminum, citing national security reasons.

"I've assured them that we're going to be working with them to make sure that Canadian jobs are protected and that Canadian workers and communities continue to do OK despite these unnecessary and punitive actions from the United States," Trudeau told CBC Radio's Information Morning host Portia Clark during a stop in Halifax.

"This is obviously a ridiculous situation that the U.S. has tied national security concerns to trade of metals from Canada.

He didn't detail what measures his government is considering to help the industry.

In retaliation to the United States' tariff announcement, Canada has threatened to impose tariffs of up to $16.6 billion on some steel and aluminum products and other goods from the U.S. — including gherkins and condiments — beginning July 1.

President Donald Trump took to Twitter on Friday to rail against Canada for what he sees as a mistreatment of U.S. farmers.

Canadian officials "must open their markets and take down their trade barriers," he said.

Trudeau said Thursdays tariff announcement marks "a bit of a turning point, but we've always known that this administration is unpredictable."

"In the coming weeks we're actually going to see hardship happening on both sides, well, particularly on the American side of the border," said Trudeau, who was in Halifax to speak to the annual conference of the Federation of Canadian Municipalities.</s>"The idea that the Canadian steel that's in military, military vehicles in the United States, the Canadian aluminum that makes your, your fighter jets is somehow now a threat?" he continued in the interview, which took place in Trudeau's office in Parliament in the Canadian capital of Ottawa. "The idea that we are somehow a national security threat to the United States is quite frankly insulting and unacceptable."

After the U.S. announced tariffs on Thursday, Canada responded with retaliatory tariffs, taking "the strongest trade action Canada has taken in the post-war era," according to Canadian Foreign Affairs Minister Chrystia Freeland, while Trudeau said "we have to believe that at some point their common sense will prevail. But we see no sign of that in this action today by the U.S. administration."

In the interview with NBC News, Trudeau pushed back against Trump's characterization that the U.S. is plagued by unfair trade deals.

"He's worried about trade surpluses, trade deficits around the world. Well, they have a $2 billion surplus on steel with us. So it's not like the trade is imbalanced against the U.S. favor on this one,” Trudeau said.

The full interview with Trudeau will air Sunday on "Meet the Press with Chuck Todd."
Canadian Foreign Minister Chrystia Freeland announces dollar-for-dollar retaliatory tariffs of 10% or 25% on a list of goods – steel, aluminum, whiskey, orange juice and other food products – worth $16.6 billion. Prime Minister Justin Trudeau denounces an "affront" to the security partnership between the US and Canada.