MONTREAL — Finance Minister Bill Morneau says he has told his American counterpart that Canada believes its steel and aluminum exports should be exempt from new tariffs on steel and aluminum that are planned by President Donald Trump.

Morneau told a Montreal business audience Friday that he had a “constructive” discussion on Thursday with U.S. Treasury Secretary Steven Mnuchin.

Morneau said Canada is a “staunch and permanent ally” of the United States and shouldn’t be affected if Trump declares a matter of national security to override trade rules and raise U.S. tariffs on steel and aluminum.

Trump said Thursday that he plans to announce a 25 per cent tariff on steel and a 10 per cent tariff on aluminum that would go into effect next week.

It isn’t yet known if Trump will exempt Canada, which is the largest steel and aluminum exporter to the United States.

Morneau declined to say whether he believes Trump’s action might unleash a global trade war.