U.S. President Donald Trump fired a salvo at Prime Minister Justin Trudeau during a recent phone call over new tariffs on Canadian goods, according to CNN. "This is a risky course and should be abandoned immediately", Corker said in the statement.
The pair were scheduled to hold formal talks and a private dinner on Wednesday, followed by a joint news conference early Thursday.
Last week, the Trump administration unveiled punishing tariffs on imports of steel and aluminum from the EU, Canada and Japan, among others.
While other World Trade Organisation members are also considering retaliating by targeting iconic American products - such as bourbon whiskey and Harley-Davidson motorcycles - the escalating tensions between Mexico and the United States may further complicate the renegotiation of the NAFTA.
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Mr Cornyn's bill to overhaul the Committee on Foreign Investment (CFIUS) in the USA, which pre-dates Mr Trump's recent trade crackdown, would expand the scope of foreign investments that are reviewed for national-security concerns.
There was shock when the world's largest economy confirmed it was imposing the duties on the EU, Canada and Mexico from 1 June, as part of President Donald Trump's protectionist agenda aimed at saving United States jobs. "Right now they are getting chaos and protectionism".
Jonathan Hayward/CANADIAN PRESS Minister of International Trade Francois-Philippe Champagne addresses a gathering at the Globe Forum in Vancouver on March 14, 2018.
Trump suggested last week that NAFTA could be replaced with two separate trade accords, one with Mexico and another with Canada.
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Trump's words and acts are expected to make for an awkward G7 summit Friday and Saturday in Quebec.
Rising trade tensions between Canada and the USA threaten to drive the key allies apart.
The U.S. has been in trade negotiations with Mexico and Canada for months over the North American Free Trade Agreement.
But that all changed with the announcement of the U.S. levies, and Trudeau retaliated with Can$16.6 billion (US$12.9 billion) in tariffs on USA goods.
This isn't the first time Mexico employed a similar trade tactic to try to extract concessions from the US.
"His preference now, and he asked me to convey this, is to actually negotiate with Mexico and Canada separately", he told Fox News Tuesday.
According to a statement, they settled on the creation of an worldwide working group to advance research and best practices in artificial intelligence, as well as a new defense alliance.
Trudeau hoped to put the focus on jobs, security concerns, cleaning up the world's oceans and empowering women. But officials have conceded the G7 agenda is likely to be overtaken by trade disputes.
"NAFTA has kind of dragged on", Kudlow said of the negotiations. Administration officials are also weighing whether to withhold Trump's signature from the customary joint agreement issued at the end of the G-7 summit.