EU JOINS BATTLE AGAINST TRUMP TARIFF ONSLAUGHT

Whistler (Canada), June 2: The EU launched its first counter-offensive against Washington’s punishing steel and aluminum tariffs while the US began meetings in Canada with outraged finance ministers from its top trading partners.

Meanwhile, in Washington, Trump floated the possibility of scrapping the 24-year-old North American Free Trade Agreement in favour of separate bilateral deals with Canada and Mexico.

Brussels and Ottawa filed legal challenges at the World Trade Organisation against Washington’s decision. The EU, Canada and Mexico also threatened stiff retaliatory tariffs as they pushed back against President Donald Trump’s multifront trade offensive.

British PM Theresa May said she was “deeply disappointed” and reiterated a call for Britain and EU to be “permanently exempted” from the “unjustified” metals tariffs.

As the Group of Seven ministerial opened in Canada, US treasury secretary Steven Mnuchin faced stern reaction from his counterparts, who accused Trump of jeopardising the world economy with steps that will prove job killers for all concerned. Canada finance minister Bill Morneau said the G7 discussions would be “difficult.” “We are sending the message that these measures are not helpful,” he said.

French finance minister Bruno Le Maire said Europe “will not negotiate with a gun to our heads.” — AFP