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G7 leaders must not fear reaching deals without Trump: Macron

11 June, 2018, 17:39 | Author: Ted Wilson
  • U.S. President Donald Trump speaks on the phone in the Oval Office of the White House in Washington

Trump's abbreviated stay at this Quebec resort saw him continuing the same type of tough talk on trade as when he departed the White House, accusing the summit's host, Canadian Prime Minister Justin Trudeau, of being "indignant".

May signaled that Britain wanted the European Union to use restraint in its retaliation to the US tariffs and said she would continue to promote the benefits of free trade.

However, new Italian Prime Minister Giuseppe Conte threw his weight behind Mr Trump's call for Russian Federation to be included, saying in a tweet it would be "in the interests of everyone".

Trump, who repeated that his tariffs are meant to protect US industry and workers from unfair global competition, said he had suggested to the other G7 leaders that all trade barriers, including tariffs and subsidies, be eliminated.

President Donald Trump will leave early from the Group of Seven summit in Quebec, where he'll face backlash over his trade policies, and head straight to Singapore to meet with North Korean leader Kim Jong Un. "We have a little test every once in a while when it comes to trade". "It's going to stop now or we'll stop trading with them (other nations)". Macron, who appeared to have built a warm relationship, said the "G6" leaders would not spark a fight at the summit.

"The G7 is an opportunity for us to get together and have frank, open discussions among nations who have always been allies and friends", Macron told reporters, with Trudeau at his side.

Pleas by the G7 member countries for exemptions from the U.S. steel and aluminum tariffs, which went into effect on June 1, have fallen on deaf ears in Washington.

The relationship has reportedly frayed to the point where Trump was considering sending Vice President Mike Pence to the G7 summit in his place, according to a Washington Post report.

Barely 500 days into his presidency, Trump has developed a knack for alienating his fellow leaders while pursuing his "America First" foreign policy, a pushback against a global trade system which he sees as working against U.S. interests.

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French leader Emmanuel Macron stressed however that the United States was no longer the sole economic superpower in the world and urged other industrialised countries to stick together. The European Union has said that it's maintaining low expectations for the outcome.

One source with knowledge of the matter said Italy wanted to "create as much space as possible to continue the dialogue with the USA", noting that new Italian Prime Minister Guiseppe Conte, a political novice, would be treading carefully in Canada because he "needs to see the dynamics of the group".

"These are jointly shared principles, although the pitfalls lie in the details", she said in a press conference, adding that she expected a joint G7 statement on trade would be issued at the end of the summit.

Canada and the European Union have denounced the US tariffs as illegal and unjustified and Ottawa has proposed levies on a range of USA goods next month while the European Union has pledged its own retaliatory measures.

Speaking today during a rare news conference, Trump said he pressed for the G-7 countries to eliminate all tariffs, trade barriers and subsidies in their trading practices.

Trump's tweets came after Macron threatened to exclude the United States from the G-7 final statement to be issued in the mountainous tourism destination of Charlevoix.

Its recovery from the 2008-9 financial crisis has been far slower than that of the United States where the Federal Reserve is on the cusp of another interest rate rise while the European Central Bank is still using crisis-era measures.

Financial markets around the world were battered by Trump's trade threats. Trump may have less to fear than slow-growing Europe and Japan from a trade war in terms of economic losses if the "G6" pushes back on tariffs.

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