United States can not lose a trade war

Finance Minister Bill Morneau attends the G7 finance ministers meeting in Whistler B.C. Thursday

Trudeau's carefully crafted G7 agenda is under considerable strain following President Donald Trump's decision last week to impose tariffs on Canada, Mexico and Europe.

The political stakes are high.

"When we face challenges, we can't get through them without talking", said Morneau, who attended Mnuchin's wedding a year ago.

"If the US rolls out trade measures including tariffs, all the agreements reached in the negotiations won't take effect", the state-run Xinhua News Agency reported Sunday, citing a statement from the Chinese negotiators who met with a USA delegation led by Commerce Secretary Wilbur Ross in Beijing over t the weekend.

He said Canada would impose retaliatory tariffs against American-made steel and aluminum, as well as on other goods. The summit will be Trump's first visit to Canada as president.

G7 governments were also digesting Trump's threats to impose tariffs on hundreds of billions of dollars in U.S. auto imports on purported national security grounds.

Canadian Prime Minister Justin Trudeau has harsh words for President Donald Trump after he described the reasons for the imposition of tariffs by the United States as "frankly insulting and unacceptable". "We have to believe that at some point, common sense will prevail".

Trudeau said he refused to go because of the "totally unacceptable" precondition. "To suggest that it's news that Congress would want to reclaim powers that belong to the executive branch, I don't think is exactly newsworthy", he said on CNN.

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German Finance Minister Olaf Scholz told reporters the United States tariffs were "a very severe problem" for transatlantic relations. And in this case, on trade, the United States is an outlier.

"We're not saying there won't be frictions, we're not saying that we won't have strong words".

On the government's contentious plan to buy the Trans Mountain pipeline, Morneau expects Canadians will see it as a "bold decision", but a necessary one because he argues no private sector firm would've been able to solve the issue. Before the establishment of the federal income tax in 1913, tariffs were a big money raiser for the US government. He has said his concerns are rooted in what he's called the limited scientific knowledge of how diluted bitumen behaves in water. "We will continue to defend supply management", she said, declining to elaborate.

President Donald Trump on Friday floated the idea of replacing the North American Free Trade Agreement with two separate trade deals - one with Canada and one with Mexico - adding more uncertainly to trade talks between the three countries that appear to have ground to a halt.

One well-placed, senior official said the chances of striking any deal on NAFTA, ever, had "fallen through the floor".

Trump's top economic adviser, Larry Kudlow, muddied those waters unexpectedly earlier today when he told a Fox News program that the president is determined to pursue bilateral trade deals with Canada and Mexico. The Canadian PM further said that with such steps the US President is disregarding the history and values that the two countries have shared together.

The lawmakers were trying to draft a narrowly focused bill that would require a vote in Congress to approve tariffs when the administration claims they're needed for national security, as it did for those on steel and aluminum from the top USA allies.

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