President Trump joined on Friday other leaders of the world’s leading economies in Canada’s French-speaking province of Quebec before jetting off to a high-stakes summit in Singapore where is expected to meet with North Korea’s Kim Jong Un.
As predicted, the globe’s most-followed President proposed a major shakeup of the world’s economic order by calling for “fair and reciprocal trade” at the G7 Summit. Trump also suggested for world’s big economies to “drop all tariffs “and non-trade barriers including subsidies in order to foist a fully free global trade system.
— G7 GER (@G7) June 9, 2018
Speaking at a Press Conference before exiting the Summit, President Trump delivered a stark warning to U.S. trading partners against countering his decision to impose tariffs on steel and aluminium saying doing so would be a grave mistake.
“If they retaliate, they’re making a mistake,” he declared before leaving the Summit for a historic meeting with Kim Jong Un in Singapore on Tuesday.
Trump accused allies of taking advantage of the United States as a “piggybank” warning “things are going to change a 100 percent” under his leadership.
“We’re like the piggy bank that everybody’s robbing, and it ends,” he told reporters at a Press Conference before departing for Singapore.
He is suggesting that governments of leading economies “go back to the drawing board” to figure out cutting all of the duties, tariffs and non-tariff barriers such as subsidies among G7 countries.
“Ultimately that’s what you want,” he challenged them.
“You want a tariff-free, you want no barriers and you want no subsidies,” he said. “That’s the way you learned at the Wharton School of Finance.”
As had been widely reported, nobody expected a warm welcome for the outspoken U.S. President but a confrontation with him after a unilateral imposition of sanctions on steel and aluminium imports.
For a man who relishes confrontations, President Trump appeared more than prepared for the fight as evidence by his statements to the leaders.
When asked about the reception at the summit, his response was that everyone was cordial and respectful.
“It was not contentious. What was strong is the language that this cannot go on. But the relationships are very good”
Known as ‘The Disruptor’, President Trump came ready to disrupt the status quo and scramble the usual breakdown of alliances and adversaries in the international trading order.
In a matter of hours to the opening of the Summit, Trump had managed to alienate allies and embraced Russia by advocating for its reinstatement in the unique club of global economic powers after it was booted out by Barack Obama and his Administration.
After a failed attempt at smoothing tensions with leaders of the six nations at the G7 Summit, Trump was off to Singapore on a “mission of peace”.
With enemies like these, who needs friends?
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