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And "being hit by the tariffs will not help us to open the door to any kind of negotiation".

- While a trade war with China may be on hold, the European Union seems poised to retaliate against the USA measures.

"We have to believe that at some point, common sense will prevail".

When asked how a tariff war would affect a US-UK trade deal, Fox said: "The US administration has made clear gains this week that they are very keen to see an agreement with the UK but regard steel imports as an European Union issue".

Canadian officials said at a press conference that Canada would enact tariffs on $12.8 billion in USA exports, effective July 1, to retaliate against Trump's action. Accordingly, despite the historical precedent for unilateral, protectionist trade measures to result in a weaker US Dollar, market participants are seemingly unmoved by the latest developments.

The Trump administration has demanded that Beijing make concessions and threatened to punish it for allegedly stealing U.S. technology by imposing tariffs on $50bn worth of imports from China.

"To be honest with you, I wouldn't mind seeing NAFTA where you'd go by a different name where you make a separate deal with Canada and a separate deal with Mexico", he said.

Trudeau said he replied that "there was no possibility of any Canadian prime minister signing a NAFTA deal that included a five-year sunset clause". When asked about any concerns related to the G7, Trudeau said Canada would "continue to highlight that working together as friends and allies is extremely important for the prosper advertise process prosperity to each of our citizens".

In Europe, Juncker promised "counter-balancing measures" soon. Trudeau says he would still be happy to come down and see the president if there are no pre-conditions set.

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The United States confirmed steel and aluminium tariffs would be levied on imports from long term allies Canada, the European Union and Mexico.

Those temporary waivers were extended through May while the White House sought negotiated concessions.

Canada is preparing "a whole series of options" to retaliate, a Canadian official told the Toronto Star.

Brussels submitted a list to the WTO of United States products that could be slapped with punitive import duties. "They're our allies but they take advantage of us economically".

The EU list covers agricultural products including corn, rice, peanut butter and orange juice. It did not announce details, but the bloc has previously threatened 25% tariffs on USA products such as motorcycles, denim, cigarettes, cranberry juice and peanut butter.

Britain issued a statement saying, in part: "We will defend the UK's interests robustly".

Trudeau spoke with Trump by phone earlier this week. "From the beaches of Normandy to the mountains of Afghanistan, we have fought and died together", Trudeau said in a Thursday speech.

"Economic nationalism leads to war", Mr Macron said, adding he would talk to Mr Trump on the subject.


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