Officials announced that this summit is probably going to be very intense. President Trump said that taxes are very important to protect the industry in the U.S. However, the European Union and Canada stated that those taxes aren’t legal. The countries have prepared to retaliate if needed.
Emmanuel Macron, the French President, warned Trump on Thursday. He said that other members of the G7 can easily form their group if it is needed. He also added that nobody is forever.
Craig Erlam is an OANDA markets analyst. He said that investors can’t be hopeful that the allies are going to avoid an escalation and reach an agreement.
Questions from the American People:
- Trump has insisted on raising tariffs. He’s also insisted that countries import more from the U.S. or export less to us. How will these policies affect progress at the G7 Summit? Will the other nations accept U.S. decisions? Or will they raise their own tariffs? Will they stop imports and exports altogether?
- How do American businesses benefit from increased tensions with global markets?
