‘The Art of the Deal’ Prevailed at the G7, Soon to be G8 Again
- “No tariffs, No barriers, No subsidies.”
- President Trump pulled President Macron aside and told him how things are to be.
- Mr. Trudeau also got the message, he is weak and dishonest
Saturday in Quebec City, US President Donald Trump shook up a meeting of the leaders of the world’s richest countries with a proposal to eliminate all barriers to global trade, a shifting his aggressive tariff threats going into the Summit.
There he turned the tables on G7 members who accused the US of protectionism by offering with a “free trade proclamation.”
“No tariffs, no barriers, that’s the way it should be, and no subsidies.”
President Trump said during a 30-min press conference Saturday. “I did suggest it and people were — I guess they’re going to go back to the drawing board and check it out.”
Trade issues dominated the meeting, with Canadian and European leaders threatening retaliatory duties in response to the new US levies on imported metals.
President Trump fired back, saying the US had been fooled for years by unfair trading barriers and that any country that imposed its own counter-measures will regret it.
Tough talk; the entire press conference
“If they retaliate, they’re making a mistake,” President Trump said.
President Trump’s move creates challenges for the G-7’s other leaders, who are reluctant to eliminate levies they charge on some imported products. The president has long argued for reciprocal trade, meaning that US tariff rates should be equal to other major trading partners’ duties.
“We’re like the piggy bank that everybody is robbing, and that ends,” said President Trump.
German Chancellor Angela Merkel said that she agrees with President Trump’s push for freer trade, adding talks over Key changes to global trading rules will keep moving ahead.
“We also agreed that we want to reduce tariffs and remove trade barriers and also to reduce subsidies,” Ms. Merkel said at her closing press conference. “Many of the current discussions about trade, especially with the US, despite the common commitment, will continue.”
Ms. Merkel said she expects that all G-7 nations will sign a final joint statement, although disagreements still remain over the wording around trade, Iran and Russia.
The US will not join separate agreements for cleaner oceans or combating climate change, which the other 6 nations will sign.
President Trump is calling for Russia to be readmitted to the G7.
“I think it would be an asset to have Russia back in,” President Trump told reporters shortly before flying out of the ongoing G7 Summit.
“I think it would be good for Russia, I think it would be good for the United States, I think it would be good for all of the countries of the current G7, soon to be G8 again.
The President then jetted to Singapore for the NKorean Summit where we can expect the ‘tough talk’ to continue.
Latest posts by Paul Ebeling (see all)
- Wall Street’s Key Stock Analysts Research Reports - January 23, 2020
- 2020: Rolex 24 Ready to Kick Off Racing Season - January 23, 2020
- President Trump Planning a “Very Big” Tax Cut for Middle Class - January 22, 2020