Published: Mon, June 11, 2018
Worldwide | By Isabel Fisher

Toronto stocks trade higher, loonie moves lower after Trump trade tirade

Toronto stocks trade higher, loonie moves lower after Trump trade tirade

Canada are hosting the leaders of the UK, Italy, the US, France, Germany and Japan for the two day summit, in the town of La Malbaie.

President Donald Trump lashed out at some allies, with particularly harsh words for Canadian Prime Minister Justin Trudeau, after a summit in Quebec.

Donald Trump's trade adviser has labelled Canadian premier Justin Trudeau a back-stabber unworthy of the United States president's time after the acrimonious end to the G7 summit. At a press conference following the summit, Trudeau repeated his earlier description of U.S. trade tariffs as "insulting" and vowed retaliatory measures would come in July.

In response, the European Union is preparing new tariffs set to hit U.S. exports ranging from jeans to bourbon whiskey.

German Chancellor Angela Merkel has called President Donald Trump's choice to break ranks with US allies-by backing out of a joint statement on social media and then deride foreign leaders-"a little depressing".

In the week leading up to the the G-7 Summit President Trump engaged in the most Trumpian sort of diplomacy: he very publicly attacked out closest allies.

"That's what bad-faith Justin Trudeau did with that stunt press conference", Navarro said. "Let us be serious and worthy of our people".

The US president, who is in Singapore for a landmark summit with North Korean leader Kim Jong-un, tweeted on Monday that America was paying disproportionately more towards the costs of the North Atlantic Treaty Organisation (Nato) than fellow members. "I don't understand the obsession with trade relations with Canada", he said on Fox News, given that Canada is the biggest single buyer of American goods and services in the world.

The picture that has gone viral on social media shows Merkel and French President Emmanuel Macron staring down US President Donald Trump. "We make commitments and keep them".

Trump has repeatedly complained about Canadian tariffs on imported dairy products - and hell or heaven aside, the truth is that neither the United States nor Europe nor Canada are exactly angels when it comes to their trade policies.

Hitoshi Suzuki, an associate professor of European worldwide relations at the University of Niigata Prefecture, said the leaders' statement matters because issuing one is the "raison d'etre" of the G7.

Other Trump advisers also attacked Trudeau in appearances on Sunday.

Guy Verhofstadt, a former Belgian prime minister who as an MEP now co-ordinates Brexit talks for the European Parliament, mocked Mr Trump's temper and supposed closeness to Russian President Vladimir Putin in a series of tweets. "He did a great disservice to the whole G7", Kudlow said.

"Here's the thing", Kudlow said, "he really kind of stabbed us in the back".

While Trump won a quick endorsement from Italy, other nations including Germany and the United Kingdom warned that Russian Federation would need to change its behavior for the G8 to be revived. "That's what weak, dishonest Justin Trudeau did".

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