ibusinesslines.com
ibusinesslines.com October 18, 2018


G7 agrees to fight protectionism as Trump threatens allies on trade

10 June 2018, 01:47 | Kelvin Horton

Some countries have retaliated with their own levies on U.S. imports.

Trump says he spoke with world leaders about his trade policies and called for the elimination of tariffs, trade barriers or subsidies.

The six-plus-one tone of the gathering in Quebec means the leaders from Canada, Britain, the United States, France, Germany Italy and Japan are unlikely to issue a joint statement, too sharply divided on trade or the environment to reach consensus.

President Donald Trump says the USA will either do a three-way free trade deal with Mexico or Canada or direct deals and says there will be a "sunset clause" that will allow for the deal or deals to be reopened at a later date.

Trump said he doesn't blame foreign leaders for the state of the trading relationship, instead laying blame on past USA presidents who have entered into deals that, he asserts, have enriched allies while hollowing out American industry.

"I guess they're going to go back to the drawing board and check it out, right?" he said, warning that if his fellow leaders make good on threats to take retaliatory measures, they could find themselves shut out of American markets.

President Trump leaves the G-7 summit after holding a press conference in the Canadian resort town of La Malbaie.

After the summit in Quebec, Trump headed to Singapore, four hours earlier than originally planned, to meet with North Korean leader Kim Jong-un.

In response, Canada, Mexico and the European Union said they were putting in place their own retaliatory measures.

Donald Trump says several other G7 states support the idea of reversing Moscow's banishment from the exclusive global club, and claims that the previous administration "allowed Russian Federation to take Crimea".

A Reuters photographer, meanwhile, captured a photograph Friday of the imprint that French President Emmanuel Macron left on Trumps right hand after a handshake, suggesting the French leader used a forceful grip.


Russian Federation was expelled from the group four years ago as a outcome to its annexation of Ukraine's Crimea region.

Trump did not specify how the US's allies responded to his proposal.

He later said, "It's going to stop, or we'll stop trading with them".

The late arrival at a session, where the G7 leaders were discussing gender equality and women's empowerment sparked concerns that the USA president might not participate at all in Saturday's meetings.

"I would say that the level of relationships is a 10 - we have a great relationship".

US President Donald Trump speaks to the press before departing the White House for the G7 summit in Washington, DC, on June 8, 2018.

Canadian Prime Minister Justin Trudeau insists the Trump hard line will only hurt the U.S.

"If you have a strategy, do not explain your strategy before the meeting - because if you are explaining your strategy before the meeting, you are losing your strategy", European Commission President Jean-Claude Juncker told reporters.

The US has slapped a 25% tariff on imports of steel and 10% on aluminium from countries including the United Kingdom and the rest of the European Union.

Meanwhile, Russia has said that the G8 needs Russia much more than Russia needs the G8.

But details are scant so far, and clear differences are remaining.



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