World rebuke awaits President Trump at G-7 summit over his trade disputes

WASHINGTON: US President Donald Trump is expected to face a rebuke by leading world economic powerhouses over his move to slap tariffs on imports of iron and aluminum as he heads to Canada to attend the G-7 Summit.

The group formed more than four decades ago is an informal bloc of industrialized countries including China, France, Germany, Italy, Japan, the United Kingdom and the United States that meets annual to discuss issues such as global economic governance, international security, and energy policy.

President Trump escalated the trade wars with his country’s major trading powers by imposing tariffs on steel and aluminum imports that not only angered its allies but is also negatively impacting consumers back home. Tariffs were opposed by lawmakers from his Republican party.

Ahead of the meeting Trump exchanged barbs with leaders from Canada and France, saying the US was subjected unfair trade deals. Trump has said that he did not fear trade wars.

“Please tell Prime Minister Trudeau (Canada) and President Macron (France) that they are charging the US massive tariffs and create non-monetary barriers,,, The EU trade surplus with the US is $151 Billion, and Canada keeps our farmers and others out.” Trump tweeted this morning ahead of his travel to attend the summit being held in Canada on Friday.

The Canadian Prime Minister this month cancelled his planned visit to Washington to discuss NAFTA agreement – the free trade accord between the US, Mexico and Canada. Mexico.

In apparent signs of a tense summit, Canadian and French leaders met in Ottawa this week to present a unified front against Trump’s trade moves. Replying to a question at press conference after the meeting, French President Macron said that “six countries of the G7 without the United States, are a bigger market taken together than the American market”.

The French President even went to the extent of threatening to sign a joint communique at the conclusion with the summit with the United States, in a sign of support their desire for free trade.

“The American President may not mind being isolated, but neither do we mind signing a 6 country agreement if need be,” he tweeted.

President Trump imposed steep steel and aluminum tariffs late last month on Canada, Mexico and the European Union — some of the US’s closest allies.