Global finance chiefs from America's closest allies are promising to give Treasury Secretary Steven Mnuchin an earful this week after the Trump administration imposed steel and aluminum duties that sparked swift trade responses.
Canadian Finance Minister Bill Morneau acknowledged that trade will now take center stage at the meeting of finance ministers and central bankers from the G7 nations taking place at a Canadian ski resort near Vancouver. Mnuchin, who was set to arrive in Canada Thursday, will get a cool reception after the U.S. announced new levies on imported metals from the European Union, Mexico and Canada, citing national security grounds.
"I don't want to kid you, we will need to talk about this first and foremost," said Morneau, who is chairing the meetings beginning with a dinner tonight in Whistler, British Columbia. Canada and the European Union have said they will take immediate steps to retaliate, with Canada imposing tariffs on $12.8 billion of U.S. goods, ranging from steel to whisky and maple syrup.