Mexico’s revenge over Trump tariffs disrupting oil industry, United States energy CEO says

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President Donald Trump will cut a lonely figure at a meeting of the world's club for wealthy nations this week. On Monday, the country also said it would start proceedings in the World Trade Organization against the US tariffs, a move already being followed by Canada, China, India and a number of other countries.

Asked about Trump's remark that the Canadians burned down the White House, aides to the President and to Canada's Trudeau declined to comment.

German Chancellor Angela Merkel previewed the dynamics on Wednesday, telling the German parliament that "it is apparent that we have a serious problem with multilateral agreements here, and so there will be contentious discussions".

Kudlow made an appearance to defend Trump's actions on trade as the president prepares to face angry allied leaders at this week's Group of Seven summit in Quebec. But the White House has signaled no change in plans. "The president is at ease with all of these tough issues".

Mr Kudlow, though, on Wednesday shrugged off tensions with Canada as a "family quarrel".

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Trump's comments come at a time of increased tensions between the United States and Canada, after the USA president unilaterally imposed increased tariffs without congressional approval, citing national security needs. Trump is unlikely to back away from the nationalistic policies that have frustrated and unnerved allies but which he sees as key promises to his most loyal voters. "The U.S. has been ripped off by other countries for years on Trade", he tweeted at the weekend, "time to get smart!"

Trump suggested last week that NAFTA could be replaced with two separate trade accords, one with Mexico and another with Canada. "The World Trade Organisation, for example, has become completely ineffectual". Something tells me that if Mar-a-Lago was sacked Trump would know exactly who was responsible.

This will be Trump's second summit of the G-7, an informal gathering that meets every year under a rotating chairmanship.

But Canada, which is a country that buys more United States goods and services than it exports here, also will put tariffs on a wide variety of consumer products, ranging from ballpoint pens and dishwasher detergent to toilet paper and playing cards. The European Union also attends. He has mused about finding new ways to punish the northern neighbor in recent days, frustrated with the country's retaliatory trade moves. It was one of the most controversial NAFTA proposals. It's exhausting. Not only is Trump launching a pointless trade war against our three closest allies and four largest trading partners, but now apparently he's lecturing heads of state on history that never happened.

In its announcement, the Mexican government said "it is necessary and urgent to impose measures equivalent to the measures implemented by" USA to protect Mexican industries.

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But Wright added: "There is a feeling, I think, over the last few months, that that approach has not borne fruit, and that they haven't really gotten anything for that friendly approach".

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".

After returning from the G-7 finance ministers summit in Canada, Mnuchin made the case that the USA has a $2 billion steel surplus with Canada and a almost $26 billion services surplus, and should consider making an exemption for its northern neighbor, according to the sources.

"This is deeply offensive to Canadians", Alden said.

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