The results of the G7 summit
Dear traders,
The exchange of harsh statements about international trade will keep investors in suspense after US President Donald Trump refused to sign the final communique of the G7 summit, calling for a reduction in duties. At the same time, he again attacked the traditional allies, accusing them of unfair trade with the United States.
On Saturday, Trump stated that he instructed his representatives not to sign the final G7 communiqué. In addition, the administration of the President of the United States is considering the possibility of introducing went on to import cars, expanding the front of the trade war and making the main US allies nervous.
After leaving the summit, Trump said that the United States had tolerated injustice in trade relations for many decades, and it was time to stop it.
“@realDonaldTrump
The United States will not allow other countries to impose massive Tariffs and Trade Barriers on its farmers, workers and companies. While sending their product into our country. We have put up with Trade Abuse for many decades – and that is long enough. ”
Previous reports said that the United States had signed a joint statement by the G7 countries, but then Trump sent a message to Twitter, which accused Canadian Prime Minister Justin Trudeau of making false statements that he made during his press conference.
At this press conference, Trudeau said that the duties imposed on Canadian steel and aluminum by Tramp in connection with the threat to US national security are offensive to Canadians who, along with the United States, have always stood shoulder to shoulder with Americans in difficult times and during wars.
Last week, after the expiration of the exceptions, the US imposed duties on the import of steel and aluminum from Canada, Mexico and the EU in the amount of 25% and 10% respectively.
The introduction of tariffs provoked a response and increased doubts about the near-reaching agreement with Canada and Mexico on the re-signing of the North American Free Trade Agreement (NAFTA).
Trump repeatedly threatened that the US would withdraw from the NAFTA if the new terms of the agreement did not become more beneficial for US companies and their workers.
Even more questionable is the ability of the US to resolve a trade conflict with China. The markets were already experiencing instability, when investors were worried that the tension in the trade could turn into a full-fledged trade war between the two largest economies of the world. (Investing.com)
Be careful,
Have a nice day!
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