Trump on G7 Tarrifs

At G7 summit the president of US calls for ending the tariffs and trade barriers

US. 10th. June, 2018: The US president Donald Trump said that he has proposed the complete elimination of the tariffs during his talks in Canada at the very important G7 summit, as many of the industrial nations were finding difficulty to resolve the trade differences.

He also explained that his talks with the fellow leaders at the summit were very productive, despite having many tensions regarding the decision of imposing the tariffs on imports of steel and aluminum.

Mr. Trump also had a landmark meeting with the leader of North Korea which made him leave early from G7 meeting.

The G7 leaders have not yet made any comment on Trump’s free trade remarks.

SO what did trump said at the meeting?

Trump while briefing the reporters as he left for Quebec province’s town La Malbaie, denied that the summit of G7 had been any argumentative

He also explained that there would be ‘ no tariffs, and no barriers. And that’s the way it should have been, and also there would be no subsidies. He even described at the meeting with the group of seven fellow leaders that “no tariffs are required the need to achieve fair and reciprocal trade”.

He said that the United States has been taken advantage of and it has been happening for many decades, he also said that America has been treated as a piggy bank from which everyone kept robbing from.

Canada, Mexico, and EU were all angered by his high tariffs on steel and aluminum; they are planning to take reactive measures against these tariffs.

President Trump warned them against making any such move; he said that it would be a big mistake and if it leads to a trade war that the US will definitely win in the war in every way. he also said that the US would continue to win any such war thousand times out of thousand.

The division over that trade was laid unadorned; it is still unclear that whether an agreed communiqué by each G7 member shall be released later on the conclusion of the summit on Saturday.

Why are these divisions taking place?

The US, on June 1 imposed a 25 % steel tariff and 10% aluminum tariff on EU, Canada, and Mexico imports. According to Mr. Trump, this step would help In protecting the domestic producers which are vital for the US security.

In reaction EU than announced a tariff on US goods extending from Harley Davidson motorcycles to the bourbon. Similarly, Mexico and Canada are also planning some reactive actions against these tariffs to show their anger in response to high tariffs.

What is G7?

G7 is an annual summit that brings together different countries like France, Germany, Italy, US, Japan, and the UK. The main agenda of the summit is usually related to economics but nowadays global issues cover the summit.

Russia was being suspended from this summit in 2014.

Courtesy: BBC

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