Finance ministers of G7 minus U.S. denounce U.S. over imposing tariffs on steel, aluminium

  • 6 years ago
Finance ministers of the world's seven wealthiest nations gathered for a meeting in Canada over the weekend.
Six countries, excluding the U.S., denounced the recent decision by the Trump administration to impose tariffs on steel and aluminum.
The U.S. Treasury Secretary, at the meeting, stressed the need for fair and balanced trade.
Oh Jung-hee has this report.
Countries of the G7, minus the U.S., have criticized Washington over its recent decision to impose tariffs on steel and aluminum.
Meeting in Whistler, Canada for a Group of Seven finance ministers' meeting,... top officials from Canada, France, Germany, Italy, Japan and the United Kingdom... issued a joint statement expressing (quote)"unanimous concern and disappointment."
And they asked the U.S. Treasury Secretary to convey that to President Trump.
This... in regards to Washington's decision to impose a 25-percent tariff on steel imports and 10-percent tariff on aluminum imports from the EU, Canada and Mexico.

"The Americans have decided to, in our mind, to take an action that is not at all constructive. It is actually destructive to our ability to get things done around tariffs on steel and aluminum."

In the joint statement, the six finance ministers called for "decisive action" from the U.S. -- adding that their goal is to convince the U.S. to move back from these tariffs.
Each country also has plans to retaliate.

"I can say that we've already demonstrated our willingness to retaliate. We were prepared. We were ready to move forward because we knew that this was at least one potential outcome."

U.S. Treasury Secretary Steven Mnuchin -- who was the prime target of criticism at the meeting -- held a separate press conference and said the U.S. wants to ensure fair and balanced trade.
He claimed the meeting was not at all a G6-plus-1 meeting like many have said it was.

"Our objective is to make sure we have fair and balanced trade, and that's really what we're focused on. I don't think in any way, the U.S. is abandoning its leadership in the global economy. Anybody who made the comment -- you know I think there was a comment out there that the G6 plus 1. It was not. It's the G7, we believe in the G7 it's an important group."

Just before the G7 summit ended, Trump tweeted that the U.S. cannot tolerate unfair trade anymore and that it's been ripped off by other countries for years.
Oh Jung-hee, Arirang News.

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