Thursday, 19 July, 2018

Trump breaks with G7 joint statement

Trump breaks with G7 joint statement Trump breaks with G7 joint statement
Melinda Barton | 10 June, 2018, 11:12

"Russia is focussed on other formats, apart from the G7", Kremlin spokesman Dmitry Peskov said in a brief statement reported by the government-controlled Sputnik news agency. Calling Modi a "beautiful man", Trump said he was informed of reduction in tariffs on imported motorcycles by the Indian PM but the U.S. was getting nothing with the cuts in the customs duty.

Besides the escalated risk of a trade war, Trump's blistering personal attack on Trudeau poses domestic economic and political risks for the Canadian prime minister, who has stuck to a conciliatory stance in the face of US threats on NAFTA and other bilateral trade cases.

The prospect that he could be moving toward an even greater protectionist trade policy is likely to chill financial markets anxious about tit-for-tit escalation that could lead to a full-blown global trade war.

Trudeau said five of the G7 countries agreed to a plastics charter to further protect the environment and oceans.

Trump, who last week slapped tariffs on steel and aluminium imports from Canada, the European Union and Mexico, threatened at the summit to cut off trade with countries that treated the United States unfairly.

The US president, who arrived at the summit in Canada late and left early to fly to Singapore to prepare for his summit with Kim Jong-un, shocked fellow leaders with a bellicose press conference on Saturday in which he attacked the trade policies of other countries. "And we have many deals like that", Trump said, according to PTI.

A later statement, released by a member Mr Trudeau's communications team on Twitter, said there was nothing new in the Prime Minister's press conference. Taking a jab at Trudeau on Twitter, the president said that he has instructed his US officials not to endorse the communique. "Our relationship is very good", Trump said during a photo session with Trudeau before private talks, where both leaders cracked jokes in front of reporters.

Trump said he discussed the idea of eliminating tariffs with his G7 counterparts.

Trump repeated his call for Russian Federation to be allowed back into the alliance of world powers.

"They are a defensive measure to ensure the domestic viability of two of the most important industries necessary for United States military and civilian production at times of crisis so that the United States can defend itself as well as its allies".

As he exited the world summit, Trump had delivered a stark warning to America's trading partners not to counter his decision to impose tariffs on steel and aluminum imports.

Once again, Trump emphasized that the days of the US getting the short end of the stick in its trading relationships with the world were over under his watch.

The pair have been at odds over whether a sunset clause would be included into any renegotiated trade agreement covering the US, Canada and Mexico, with Mr Trudeau insisting no sunset clause would be included and Mr Trump saying hours earlier that negotiators were "pretty close on the sunset provision". "And we charge nothing", he said. He says "we're not looking to play games".

He added, "if they retaliate, they're making a mistake". Macron said Thursday on Twitter, "The American President may not mind being isolated, but neither do we mind signing a 6 country agreement if need be".

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