trending Market Intelligence /marketintelligence/en/news-insights/trending/xwxhoegid0hlibpbgfbdug2 content esgSubNav
In This List

G7 members slam Trump's metal tariffs

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Insight Weekly: LNG exports surge; investors unfazed by inflation; neobanks drive VC funding

Blog

Essential Metals Mining Insights November 2021

Blog

[Infographic]: 2021 World Exploration Trends


G7 members slam Trump's metal tariffs

G7 finance leaders asked U.S. Treasury Secretary Steven Mnuchin to convey their "unanimous concern and disappointment" over the 25% steel and 10% aluminum tariffs that the U.S. imposed on Mexico, Canada and the European Union, Reuters reported.

Finance leaders from Canada, France, Germany, the U.K., Italy and Japan made the comment in a joint statement following a three-day meeting of G7 finance leaders in Canada. Discussions at the meeting largely revolved around the metal tariffs but failed to result in a solution, according to the report. The group also called for "decisive action" at the G7 summit scheduled to take place in Quebec on June 8 and 9.

Mnuchin's fellow G7 finance leaders claim that the U.S. metal tariffs are complicating their efforts to cooperate in confronting China's trade practices. French Finance Minister Bruno Le Maire urged the U.S. to de-escalate tensions over the issue and warned that the European Union is ready to respond with its own measures.

The Trump administration's decision to impose the tariffs has been met with backlash. The EU threatened to take the U.S. to the World Trade Organization to settle the issue, while Mexico threatened equivalent measures against the U.S. Canada announced its own retaliatory tariffs against U.S. products worth C$16.6 billion and said it would also pursue WTO action.