Sunday, 24 June, 2018

Trump talks tariffs, NAFTA and G7 relationships as he leaves summit early

Berenberg's Schmieding Says America First Means America Alone Berenberg's Schmieding Says America First Means America Alone
Lisa Bryan | 10 June, 2018, 05:09

Canadian Prime Minister Justin Trudeau announced he told President Trump he will go through retaliatory tariffs after Mr. Trump's decision not to exempt allies such as Canada from tariffs on steel and aluminum imports.

Before jumping on Air Force One to fly to Canada, which is hosting the summit in La Malbaie north of Quebec City, Trump called for a return to the body's pre-2014 "G8" formula.

Trump's tweets taking aim at the leader of a country that has always been a USA ally came after the president left the G7 summit in Canada to travel to Singapore ahead of a planned diplomatic meeting with North Korean Leader Kim Jong Un. Trump insisted. "That would be the ultimate thing, whether or not that works, but I did suggest it".

"They do so much more business with us than we do with them ... the numbers are so astronomically against them - we win that war a thousand times out of a thousand".

His early exit means he will be gone before allies begin closing news conferences likely to be laden with criticism of the US stance on trade and Mr. Trump's abrupt suggestion on Friday that Russian Federation be re-admitted to the elite grouping.

Although Canada and Mexico say the idea is unworkable, Trump told reporters earlier on Saturday that the new deal would contain such a provision.

Mr Trump made the comments after the communique had already been officially released in response to a press conference held by Justin Trudeau to mark the close of the summit. "And that ends", Trump said.

"For us, it was important to have a commitment to rules-based trade", Germany's Chancellor Angela Merkel said. The United States pays enormous tariffs on dairy.


"Looking forward to straightening out unfair Trade Deals with the G-7 countries", Trump said.

The American leader said a three-country deal would only be possible with substantial changes, and reiterated his interest instead in forming separate two-way trade accords with Mexico and Canada - an interest Canada has made clear it does not share.

Prime Minister Justin Trudeau and Finance Minister Bill Morneau said that message was communicated clearly to Trump during his meetings at the G7 leaders' summit, which is wrapping up Saturday.

"The United States has been taken advantage of for decades and decades", Mr Trump said at a press conference on the second day of a two-day summit in Canada.

Despite the sharp differences, Trudeau said all seven leaders had come together to sign a joint declaration despite having "some strong, firm conversations on trade, and specifically on American tariffs".

"Whether you like it or not, and it may not be politically correct, but we have a world to run", Trump said on Friday.

Speaking before departing early from the summit this afternoon, a furious President Trump vowed he would no longer allow the likes of the European Union to treat the United States like a "piggy bank".

Trump was the last G7 leader to arrive and on Saturday, he will probably be the first to leave, in a hurry to move on to his nuclear summit with North Korea's Kim Jong Un in Singapore.

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