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Freeland is making the announcement alongside Prime Minister Justin Trudeau following word from the White House that the USA will slap tariffs on Canadian, Mexican and European Union steel and aluminium as of midnight tonight.

"Economy Minister Ildefonso Guajardo said the tit-for-tat measures would complicate talks between the United States, Canada and Mexico to revamp the North American Free Trade Agreement (NAFTA) that underpins trade between the neighbors", reports Reuters.

As far as the National Pork Producers Council (NPCC) is concerned, a trade war couldn't have come at a worse time because five new plants either recently have come on line or are expected to do so soon, sending production to record levels. "In this case, it is simply a response to a first action", Guajardo told Mexican radio. "It has, in some cases, damaged the American economy, damaged American workers in manufacturing and other businesses", Kudlow said.

"Oh, it might, I don't deny that", Kudlow said.

"It's possible, absolutely. I don't think it has right now", Mr. Kudlow said on "Fox News Sunday". "Don't blame Trump. Blame China, blame Europe, blame NAFTA, blame those who don't want reciprocal trading, tariff rates".

"Finance ministers of the world's seven wealthiest nations gathered for a meeting in Canada over the weekend".

The Quebec government said Monday it is prepared to support financially smaller aluminum producers hurt by US tariffs just as it did with the softwood lumber sector.

As of June 1, tariffs will no longer be suspended for steel or aluminum imports from those countries.

The Trump administration triggered a trade war last week when it imposed hefty tariffs on steel and aluminum from Canada, Mexico and the European Union.

"She said the USA and United Kingdom and European Union are close national security allies and we recognize the importance of the values of open and fair trade across the world".

US businesses are bracing for the impact of a potential trade battle between the USA and some of its closest allies.

The U.S. Treasury Secretary, at the meeting, stressed the need for fair and balanced trade.

A summary of the meeting by Bill Morneau, finance minister of host Canada, said "decisive action" is needed at a leaders' summit next week in Quebec.

"What the United States is going to say is that there is a provision in the [World Trade Organisation] that says, 'Yes, you can break your tariff commitments, you can discriminate if you fall under the terms of this security exception, ' " she says.

The Manitoba Chamber of Commerce said our province exports about $10 billion worth of goods and services to the USA every year. Mexico is the largest buyer of the USA pork by volume.

Morneau, however, insists NAFTA and the tariffs are separate issues, because the US applied the duties under the guise that Canada is a security risk.

"The U.S. has made such bad trade deals over so many years that we can only WIN!" he wrote. Thus, the right approach is not to start trade wars with allies and neighbors over industries and sectors that have very small positive economic effects on the USA economy. "The Canadian government slapping tariffs on American goods is not a good thing for us, that's for sure".