Summit of the G-7 countries
Dear traders,
At the end of this week, the heads of G7 countries will meet in Quebec, where they will be hosted by Canadian Prime Minister Justin Trudeau.
It is predicted that US President Donald Trump will arrive in Canada on Friday, where he will meet with the leaders of Germany, Italy, France, Britain and Japan. Against all these countries, the United States imposed import duties.
On Saturday, the finance ministers of the closest US allies expressed their displeasure with the import duties on metals imposed by the Trump administration. The three-day meeting of finance ministers in Washington ended with criticism of US actions.
A rare example of discord in the ranks of the G-7 was a joint statement by the leaders of six countries, in which they asked US Treasury Secretary Stephen Mnuchin to convey to President Donald Trump their common fears and disappointments.
During the speech after the summit, Mnuchin told reporters that he doesn’t share the views of six his colleagues, and that President Trump’s actions are aimed at restoring the balance in international trade.
Just before the end of the G7 finance ministers’ meeting on Saturday, Trump wrote on his Twitter that the States should, in the end, achieve fairness in trade with other countries.
Donald J. Trump
@realDonaldTrump
The United States must, at long last, be treated fairly on Trade. If we charge a country ZERO to sell their goods, and they charge us 25, 50 or even 100 percent to sell ours, it is UNFAIR and can no longer be tolerated. That is not Free or Fair Trade, it is Stupid Trade!On Friday, 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 duties could provoke a response and increased doubts about the agreement in the near future with Canada and Mexico on the re-signing of the North American Free Trade Agreement (NAFTA).
Even more questionable is the ability of the US to resolve a trade conflict with China. (Investing.com)
Be sure to consider the events of world importance in your trade!
Good end of the working week, Ladies and Gentlemen!
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