In retaliation for the Trump administration announcing tariffs on steel and aluminum imports from Mexico and much of the rest of the world, Mexico Tuesday imposed a series of tariffs against U.S. exports to its market valued at $3 billion.
That move unleashed fury in the Group of Seven (G7) industrialized nations and prompted quick retaliation from Canada and Mexico and a promise from the European Union to do so as well, unnerving investors who fear a trade war that could derail the global economy.
French President Emmanuel Macron and Canadian Prime Minister Justin Trudeau expressed support for "strong multilateralism" in Ottawa Wednesday before the G7 summit, where US President Donald Trump's aggressive trade policies are sure to raise hackles. "He's sticking to his guns".
A reportedly chastened Mnuchin returned to Washington, where some US media outlets said he tried to persuade the president to roll back his tariffs, or at least to exempt Canada.
"Mexico's retaliatory tariffs will hurt Coloradans, and the blame here lies squarely with President Trump and the Congressional Republicans who enable his destructive policies", said Jason Crow, a Democratic candidate for the state's 6th congressional district.
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The G7 groups Canada, the United States, Japan, Britain, Italy, France and Germany.
Last week Trudeau was publicly critical of Trump's big announcement, saying, "The idea that we are somehow a national security threat to the United States is quite frankly insulting and unacceptable".
"The United States now has the fastest growing economy in the world, according to the OECD or at least the fastest growing economy among the industrialized nations", said Kudlow, who worked as Reagan's budget deputy between 1981 and 1985.
President Trump is trying to rewrite the terms and conditions of the worldwide order specifically with regard to trade, security, and global agreements and organisations, by "leveraging the dollar, market access, and military advantages", said Dr Inderjeet Parmar professor of professor of global politics at the City, University of London.
"We may have tactical disagreements, but he has always said - and I agree - tariffs are a tool in that effort".
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We're used to the dynamic of being ahead in a series and then having everything shift when you go on the road. "He's a scorer. No one knows what LeBron's future holds, and how this Finals pans out will likely play a huge role in his decision.
A range of retaliatory measures against the United States' metal tariffs took effect today, including 20% duties on USA pork, apples and potatoes.
Mexico's list of products that will be subject to the charges also includes USA steel plates, bars, rods and rolled steel.
It's a dark turn for the G-7, which first met in 1975 when it included only six countries: the USA, U.K., Germany, France, Italy and Japan.
Adding to the uncertainty is European anger over Trump's decision to pull the United States out of the worldwide nuclear agreement with Iran. G-7 allies have condemned Trump's pullout from the Paris accord on climate change.
Additionally, Trump has griped periodically both about German Chancellor Angela Merkel - largely because they disagree on many issues and have had an uneasy rapport - as well as British Prime Minister Theresa May, whom he sees as too politically correct, advisers say.
FILE - Defense Secretary Jim Mattis responds to reporter's question at the Pentagon in Washington, April 11, 2018.
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