Trudeau rejects immediate retaliation on U.S. tariffs

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Mexico and other US allies including the European Union and Canada have hit back after US President Donald Trump announced stinging steel and aluminum tariffs that came into effect on Friday.

Mexico said on Monday it will file a complaint with the World Trade Organization (WTO) over United States tariffs on its steel and aluminium.

Chinese officials, who have engaged in negotiations with U.S. officials this week, said they will not sign any agreements if tariffs are again increased. Big trade barriers against United States farmers, and other businesses, will finally be broken.

The peso turned lower after White House National Economic Council Director Larry Kudlow said Trump was "seriously considering " splitting North American Free Trade Agreement talks into separate processes for Mexico and Canada.

Ottawa hit back with proportional Can$16.6 billion (US$12.8 billion) in tariffs on USA steel and aluminium as well as consumer goods.

Mexico filed the complaint after Trump decided not to extend a temporary exemption granted in March to the EU, Canada and Mexico.

Joseph Galimberti, the president of the Canadian Steel Producers Association, says he urged the government in a cabinet meeting today to immediately impose the retaliatory tariffs on metals while it consults on other products. But the Trump administration walked away. After all, just two weeks ago, Treasury Secretary Steven Mnuchin declared the trade war was "on hold", setting off a celebration on Wall Street.

The Journal reported that during the talks, Liu made clear to Ross that the $70 billion offer would be withdrawn if the USA proceeded with its threat to impose tariffs on $50 billion of Chinese products.

Pena Nieto had previously scrapped a visit in January a year ago because of Trump's insistence that Mexico pay for the wall, which he wants as part of his efforts to curb immigration.

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