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Money Bill Morneau won’t say if Canada will retaliate if U.S. goes ahead with steel tariffs

22:35  05 march  2018
22:35  05 march  2018 Source:   globalnews.ca

Finance Minister faces accusations of conflict-of interest over pharmacare

  Finance Minister faces accusations of conflict-of interest over pharmacare Finance Minister faces accusations of conflict-of interest over pharmacare OTTAWA—Finance Minister Bill Morneau is again fending off accusations he is in a “perceived conflict of interest” on a politically sensitive file — the newly-promised national pharmacare program — because of his previous ties to Morneau Shepell, a pension and benefits consulting firm.After first winning plaudits for Tuesday’s budget announcement that the Liberal government is looking to chart the next steps towards a national drug coverage program, Morneau dialed back expectations on Wednesday.

Canadian Finance Minister Bill Morneau also warned U . S . tariffs on imported steel would lead to higher costs for American consumers. Finance Minister mum on whether Canada will retaliate against U . S . steel tariffs . Next Up.

After U . S . President Donald Trump announced a proposal to slap hefty tariffs on steel and aluminum imports, Finance Minister Bill Morneau says Canada is ready to retaliate if necessary.

Minister of Finance Bill Morneau speaks to media after meeting with private sector economists, in Toronto on February 16, 2018.© THE CANADIAN PRESS/Christopher Katsarov Minister of Finance Bill Morneau speaks to media after meeting with private sector economists, in Toronto on February 16, 2018.

Finance Minister Bill Morneau is not saying whether Canada will consider retaliatory tariffs against the U.S. if steep new penalties on foreign steel and aluminum go into effect without an exemption for Canadian businesses.

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Trudeau says Trump’s trade war will hurt U.S. 'as much as they will hurt us'

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Canada Plans Retaliation For Steel Tariff . Meanwhile, Canadian Finance Minister Bill Morneau told CTV’ s “Question Period” Sunday that Canada is ready to retaliate if it is included in the tariffs .

Finance Minister Bill Morneau is not saying whether Canada will consider retaliatory measures against the United States if the administration there proceeds with steep new proposed tariffs on imported steel and aluminum.

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Speaking with reporters following an appearance in Toronto as part of his post-budget tour, Morneau also warned the move could lead to higher costs for American consumers, given the "integral" role Canadian steel and aluminum play in American supply chains.

READ MORE: Donald Trump warns Canada won’t get a break on steel tariffs without ‘fair’ NAFTA deal

"We, as you know, have put forward strongly our point of view that there's no advantage for the United States in putting forth tariffs on Canadian steel and aluminum," he said. "In fact, we see a disadvantage. We see a disadvantage for American businesses, we see a disadvantage for Americans with potentially higher costs and we see a disadvantage from a security standpoint as we see Canada, as a staunch ally of the United States, being integral to their supply chain."

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READ MORE: Bill Morneau says Trump’s attempt to link steel tariffs and NAFTA will not improve deal. He repeated the comment made by the government last week that Canada will take responsive measures if the U . S . goes ahead with the tariffs .

WATCH ABOVE: Finance Minister Morneau tight-lipped on whether Canada will retaliate against U . S . steel tariffs . WATCH: Quebec Premier Philippe Couillard says steel tariffs will hurt American consumers.

U.S President Donald Trump announced last week he would implement a 25 per cent tariff on foreign steel and a 10 per cent tariff on imported aluminum.

Prime Minister Justin Trudeau called that proposal "absolutely unacceptable" on Friday and said it "makes no sense."

WATCH BELOW: U.S. Republicans warn Trump over steel and aluminum tariffs

The announcement of the tariffs Thursday left Canadian businesses reeling and politicians scrambling to ease fears about the potentially disastrous effects the tariffs could have on Canadian industry.

Of the steel imported each year by the U.S., 16 per cent comes from Canada.

Canada also is the biggest foreign buyer of American steel, and Trudeau said Friday that the effects of the tariffs proposed by Trump would be significant.

READ MORE: Steel tariffs: Justin Trudeau says move by Trump ‘makes no sense,’ adds he spoke with president

U.S. Metals Tariffs Would Hit Canada Much Harder Than Mexico

  U.S. Metals Tariffs Would Hit Canada Much Harder Than Mexico Canada has the most to lose among Nafta partners if Donald Trump presses ahead with plans to slap steel and aluminum tariffs on his neighbors. define("homepageFinanceIndices", ["c.deferred"], function () { var quotesInArticleFormCode = "PRMQAP"; var config = {}; config.indexdetailsurl = "/en-ca/money/indexdetails"; config.stockdetailsurl = "/en-ca/money/stockdetails"; config.funddetailsurl = "/en-ca/money/funddetails"; config.etfdetailsurl = "/en-ca/money/etfdetails"; config.recentquotesurl = "/en-ca/money/getrecentquotes"; config.

He went on to say partial tariffs wouldn' t work. For example, the U . S . already experimented with steel tariffs or import controls in the 1980s and early 2000s. Conversations between officials are happening on other fronts. Foreign Affairs Minister Chrystia Freeland, Finance Minister Bill Morneau

“Disruptions to this integrated market would be significant and serious.”

According to the Canadian Steel Producers Association, Canada and the U.S. traded $12 billion worth of “evenly balanced” steel in 2017.

When asked whether Canada would consider retaliatory measures against the U.S. if it does not grant an exemption for Canadian businesses, Morneau said little.

"We've been firm," he added when asked by reporters.

"We believe that Canada should be exempted from any decisions the United States takes and we will consider how to react based on the news that comes out."

South of the border, Trump seemed to suggest in a tweet Monday morning that Canada and Mexico could get exemptions from the tariffs if they sign a NAFTA deal to the president's liking.

Canadian CEO supports Trump's steel tariffs, wishes they were even higher

  Canadian CEO supports Trump's steel tariffs, wishes they were even higher Barry Zekelman, the Windsor, Ont.-area owner of a North American steel tube and pipe empire, is backing U.S. President Donald Trump's proposed tariffs and offering employees a $1,000 annual bonus while the policy is in effect. Barry Zekelman said Trump's talk about a 25 per cent tariff for steel and 10 per cent for aluminum provides an example the Canadian government should follow, with one addition — the duties should be even higher."Is that 25 per cent duty enough? I don't think it is and I actually think those duties should be much higher," he said.

That comment comes after Trump said last week that “trade wars are good” and would be “easy to win” for the U.S.

However, there are reports that Republican leaders in Washington, D.C., are increasingly considering their options for how to respond to the measures by the president with some, including a spokesperson for House of Representatives Speaker Paul Ryan, being quoted by CBS News reporter Steven Portnoy on Monday as saying the office is urging Trump not to proceed with the plan.

As well, the head of the World Trade Organization issued a statement Monday raising alarm bells about the potential of the tariffs to trigger a global trade war.

Director-General Roberto Azevêdo called for measured responses from member states and said the effects of escalating trade barriers could lead to another recession.

"In light of recent announcements on trade policy measures, it is clear that we now see a much higher and real risk of triggering an escalation of trade barriers across the globe," he said.

"We cannot ignore this risk and I urge all parties to consider and reflect on this situation very carefully. Once we start down this path, it will be very difficult to reverse direction. An eye for an eye will leave us all blind and the world in deep recession. We must make every effort to avoid the fall of the first dominoes. There is still time."

Negotiators are wrapping up a week of negotiations in Mexico City aimed at reaching agreement on a revised NAFTA.

Monday marks the final day of the seventh round of discussions, with an eighth — and for now, final — round scheduled to take place in Washington later this month.

Trudeau cheers united front in tariff battle .
Trudeau cheers united front in tariff battleSpeaking with industry heads Wednesday in Sault Ste. Marie, Ont., the prime minister said it would have been far more difficult to convince the United States that restricting Canadian imports was a bad idea without having everyone on the same page.

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