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Conflict at G7 Meeting  


Joined: 2 years ago
Posts: 273
06/01/2018 3:25 am  

In the set of extended predictions that Jeanne posted this week, Sophie predicted "There may be an issue with the G7 meeting scheduled in early June."

It appears that Sophie's prediction was spot on.  I thought of it tonight when I read the Bloomberg article below, although many other news outlets are reporting the same thing now that the NAFTA negotiations appear to have completely fallen apart.  If the finance ministers see this as a crisis, it's a good bet it will also be treated that way during the G-7 meeting in June which President Trump will attend.

Good job, Sophie!

From Bloomberg:

Outrage over U.S. Steel Tariffs Set To Spill Over Into G7 Meeting

Treasury Secretary Steven Mnuchin received an earful from global finance chiefs Thursday after the Trump administration imposed steel and aluminum duties that sparked swift trade responses.

 Canadian Finance Minister Bill Morneau acknowledged that trade has taken center stage at a meeting of finance ministers and central bankers from the G-7 nations. On his arrival, German Finance Minister Olaf Scholz also said the U.S. levies on imported metals from the European Union, Mexico and Canada are probably illegal.

Canada and the European Union have said they will take immediate steps to retaliate, with Canada imposing tariffs on $12.8 billion of U.S. goods, ranging from steel to whiskey and maple syrup.

The trade wars are hijacking a summit that was initially seen as an opportunity to tout the successes of the global economic upswing, and severely testing the resiliency of the Western economic alliance represented by the G-7.