ibusinesslines.com
ibusinesslines.com August 21, 2018


Toronto stocks trade higher, loonie moves lower after Trump trade tirade

11 June 2018, 07:58 | Erica Roy

Britain's Prime Minister Theresa May told MPs that the G7 had been"a difficult summit with at times some very candid discussions More

Britain's Prime Minister Theresa May told MPs that the G7 had been

Mr Trump had already threatened to divide the G7, made up of the US, France, UK, Italy, Germany, Japan and Canada, when he suggested Russian Federation should be allowed to rejoin the group.

Trump was travelling from North America to Asia when he withdrew from a Group of Seven economic statement and insulted Canadian Prime Minister Justin Trudeau as "dishonest" and "weak".

Donald Trump's trade adviser has labelled Canadian premier Justin Trudeau a back-stabber unworthy of the USA president's time after the acrimonious end to the G7 summit. The New York Times reported that Trump has defiantly refused to sign the trade agreement or verdict signed by all nations present at the summit.

"It would be with regret but it would be with absolute certainty and firmness that we move forward with retaliatory measures on July 1 applying equivalent tariffs to the ones that the Americans have unjustly applies to us", Trudeau said at a press conference closing the summit.

"Fair trade is now to be called fool trade", he added in response to the threat of new tariffs against the US.

The European Council President responded by saying, "We will not stop trying to convince our American friends and President Trump that undermining makes no sense at all".

The outburst against Trudeau, and by association the other G7 members, is only the latest incident in which Trump has clashed with America's closest allies, even as he has had warm words for autocrats like Kim and Russia's Vladimir Putin.

Prime Minister Shinzo Abe was put in a complicated situation at the Group of Seven summit in Canada as he tried to bridge the gap between the United States and other members over controversial new US metals tariffs. Trump said that he withdrew the US from the G-7's joint statement because of that slight.

Following the G7 summit, Trump set off for Singapore to meet with North Korean Supreme Leader Kim Jong Un.


"The whole tone of the bilateral rhetoric between Canada and the USA seems to have deteriorated quite significantly", he said.

Trump also reportedly didn't put on his headphones for translation when French President Emmanuel Macron spoke during the session.

Merkel said she first found out about Trump's decision on the flight back from Canada.

After the G-7 summit, Trudeau hosted a news conference where he said that the Canadian government "did not take" the USA tariffs against Canada lightly.

Hitoshi Suzuki, an associate professor of European global relations at the University of Niigata Prefecture, said the leaders' statement matters because issuing one is the "raison d'etre" of the G7.

Senator Susan Collins came to Canada's defense amid a renewed attack by Donald Trump on Sunday night, citing her state's close relationship with the country.

The Prime Minister said: "Where we disagree with our allies on something it is right that we say so and air the issue openly and frankly".

"We spent two days producing a statement and commitments", the statement said.

"Justin acts hurt when called out!" the US president said in his latest Tweet. On Twitter he accused Trudeau of "false statements" and wrote that he had ordered his aides to withdraw USA endorsement of the joint communique.



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