United States will be isolated at G7 meeting over tariffs on steel and aluminium, says French finance minister

Whistler: US treasury secretary Steven Mnuchin is isolated at a G7 finance ministers meeting in Canada due to Washington’s new trade tariffs on its allies, French finance minister Bruno Le Maire said on Friday.

Le Maire said he would tell Mnuchin the US decision to impose tariffs on European Union steel and aluminum was "legally unacceptable, politically unfair and economically dangerous".

File image of Treasury Secretary Steven Mnuchin. Reuters

File image of Treasury Secretary Steven Mnuchin. Reuters

“Unfortunately we are going to have a G6 plus one with the United States alone against everyone and running the risk of economic destabilisation,” Le Maire told reporters.

The United States on Thursday said it was moving ahead to impose tariffs of 25 percent on steel imports and 10 percent on aluminum imports from the EU, Canada and Mexico, ending months of uncertainty about potential exemptions.

“Our entire objective is to bring the American authorities back to good sense and reason,” Le Maire said, adding that the US administration had put forward no “convincing arguments” to justify its tariff action.

The US move added to European anger over Washington’s threat to sanction companies that did business with Iran. US president Donald Trump in May pulled the United States out of the 2015 international nuclear accord with Tehran.

Le Maire said that he would press Mnuchin for sanction exemptions for specific French companies so they could operate in Iran. He declined to say which companies.

The fresh trade tensions have unsettled financial markets already jittery about political uncertainty in Italy and rising oil prices.

Le Maire welcomed the formation of a new Italian government and said he hoped to meet with his new Italian counterpart as soon as possible to discuss strengthening the euro zone.

Updated Date: Jun 03, 2018 09:28 AM

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