France's President: G7 Countries Must Oppose US Tariffs

Forex News

Emmanuel Macron (France’s President) has concluded that the other members of the G7 (the UK, Germany, Japan, France, Italy and Canada) must stand up to the US over Donald Trump’s decision to impose tariffs on steel and aluminum from the EU, Canada and Mexico as well as other issues. Macron has also joined Germany to warn Donald Trump that it won’t sign a joint statement of the Group of 7 at the summit in Quebec this week.

Yesterday, German Chancellor Angela Merkel said she expected “contentious discussions” at a G7 summit this week, given differences with US President Donald Trump on trade, climate and security. Merkel also said the leaders may not necessarily manage to agree on a final joint statement.

Given the stark differences between the US and many of its partners, she argued that the meeting should not insist on hammering out a joint communique that would spell a “watering down” of previous joint commitments. Trump’s decisions to quit the Paris climate and Iran nuclear deals and impose sweeping steel and aluminum tariffs showed that “we have a serious problem with multilateral agreements, and that’s why there will be contentious discussions”, German Chancellor said.

It is also reported, that the European Union plans to establish tariffs for American goods worth about 2.8 billion euros ($3.3 billion) since early July. These tariffs are aimed at the United States after the Trump administration increased the duty on imports of steel and aluminum from some of its closest allies, including Canada, Mexico and 28 European Union countries. All three announced retaliatory measures.