Wednesday, 15 August, 2018

G7 commits to 'rules-based trading system' despite tensions with US

Trump falsely accuses Canada of burning down White House in War of 1812 (report) G7 leaders meet amid fear of a global trade war
Lisa Bryan | 10 June, 2018, 10:11

President Donald Trump accused Canada of burning down the White House during the War of 1812, according to a new report.

Trump, in a Twitter tirade on Thursday, pointed fingers at Canadian Prime Minister Justin Trudeau and French president Emmanuel Macron, stating that "they are charging the USA massive tariffs and create non-monetary barriers".

U.S. President Donald Trump meets with Canada's Prime Minister Justin Trudeau in a bilateral meeting at the G7 Summit in in Charlevoix, Quebec, Canada, June 8, 2018.

President Trump departed the G7 meeting today, en route to Singapore to participate in the historic peace summit between the leaders of the United States, South Korea, and North Korea.

The two-day summit has been marred by a tit-for-tat exchanges of hostile tweets, with USA trading partners furious over Trump's decision to impose tariffs on steel and aluminum imports from Canada, the European Union and Mexico as part of his "America First" agenda.

"What we did this weekend, was come together, roll up our sleeves and figure out consensus language that we could all agree to on a broad range of issues".

"He can take that nation and truly make it a great nation so it is a one-time shot and I think it is going to work out very well", Mr. Trump said. The president also referred to Trudeau's "false statements", which he didn't explain.

The top Nafta negotiators from the United States and Canada met earlier during the summit, after Trump in the morning complained about what he called unfair trading.

Trump also said Trudeau was being "indignant" about the cross-border trade relationship.

"If they retaliate they are making a mistake because.they do so much more business with us than we do with them that we can't lose that".

Trudeau said he and Trump have disagreed over Trump's call for Canada to open up its supply management system, which protects dairy, poultry and eggs farmers, during the hard ongoing renegotiation of the North American Free Trade Agreement.


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.

"The president will continue to say what he says".

"The prime minister said nothing he hasn't said before - both in public, and in private conversations with the president".

Mr Trump has long said the North American Free Trade Agreement has been a "disaster" for the U.S. and has insisted that it be renegotiated.

"We have a tremendous trade imbalance", Trump said during Saturday's press conference.

German Chancellor Angela Merkel said there was broad agreement among G7 leaders that tariffs and other trade barriers should be reduced, though she acknowledged that differences with the United States remained.

French leader Emmanuel Macron stressed however that the USA was no longer the sole economic superpower in the world and urged other industrialised countries to stick together.

He said USA farmers had been harmed by tariffs and other barriers and warned that US trading partners would need to provide him with more favorable terms. Trump said Friday he thinks the group will produce a joint statement.

Such a move could make it almost impossible to renegotiate the terms of the 1994 NAFTA pact between the United States, Canada and Mexico.

"We stick to the communique as agreed by all participants", a European official said on condition of anonymity.

"So you go tariff-free, you go subsidy-free ... now I did suggest and I guess they are going to go back to the drawing board and check it out", he said. They could also damage Japan and Germany. Trump is said to have shot back.

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