Canada hoping its tariff threat will prompt US backdown

WHISTLER, British Columbia (AP) – Canada’s finance minister says he is hopeful the threat of retaliation against U.S. trade measures will persuade the Trump administration to back away from the steel and aluminum tariffs it has imposed on its G7 allies.

The tariffs have landed just as Finance Minister Bill Morneau presides over a meeting of G7 finance ministers at which the event’s pre-set agenda has been overtaken by fears of a trade war.

Morneau said Friday that Canada isn’t ready to discuss support or potential bailout packages for Canadian business sectors affected by the tariffs. He says the focus now is to use the threat of retaliatory measures to pressure the U.S. into reconsidering its own tariffs before any negative economic impact actually materializes.

Finance Minister Bill Morneau addresses the media during a meeting for the G7 Finance and Central Bank Governors in Whistler, British Columbia, Canada on Friday, June, 1, 2018. (Jonathan Hayward/The Canadian Press via AP)

Canada’s retaliatory tariffs don’t go into effect until July.

U.S. Treasury Secretary Steven Mnuchin looks on as Secretary of State for International Development for the United kingdom, Penny Mordaunt speaks during a meeting of the G7 Finance and Central Bank Governors in Whistler, British Columbia, Canada, Friday, June, 1, 2018.   (Jonathan Hayward/The Canadian Press via AP)

U.S. Treasury Secretary Steven Mnuchin looks on as Secretary of State for International Development for the United kingdom, Penny Mordaunt speaks during a meeting of the G7 Finance and Central Bank Governors in Whistler, British Columbia, Canada, Friday, June, 1, 2018. (Jonathan Hayward/The Canadian Press via AP)

Bank of England Governor Mark Carney, right, arrives for a dinner during a meeting of the G7 Finance and Central Bank Governors in Whistler, British Columbia, Thursday, May 31, 2018. (Jonathan Hayward/The Canadian Press via AP)

Bank of England Governor Mark Carney, right, arrives for a dinner during a meeting of the G7 Finance and Central Bank Governors in Whistler, British Columbia, Thursday, May 31, 2018. (Jonathan Hayward/The Canadian Press via AP)

Canada's Minister of International Development, Marie Claude Bibeau, left, looks on as Finance Minister Bill Morneau addresses the media during a meeting for the G7 Finance and Central Bank Governors in Whistler, British Columbia, Canada  on Friday, June, 1, 2018.  (Jonathan Hayward/The Canadian Press via AP)

Canada’s Minister of International Development, Marie Claude Bibeau, left, looks on as Finance Minister Bill Morneau addresses the media during a meeting for the G7 Finance and Central Bank Governors in Whistler, British Columbia, Canada on Friday, June, 1, 2018. (Jonathan Hayward/The Canadian Press via AP)

U.S. Treasury Secretary Steven Mnuchin talks on his phone before a meeting of the G7 Finance and Central Bank Governors in Whistler, B.C., Friday, June, 1, 2018.   (Jonathan Hayward/The Canadian Press via AP)

U.S. Treasury Secretary Steven Mnuchin talks on his phone before a meeting of the G7 Finance and Central Bank Governors in Whistler, B.C., Friday, June, 1, 2018. (Jonathan Hayward/The Canadian Press via AP)

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