G7 Nations Release Joint Communique - Canadian PM

G7 Nations Release Joint Communique - Canadian PM

Canada's Prime Minister Justin Trudeau and G7 leaders Britain's Prime Minister Theresa May, France's President Emmanuel Macron, Germany's Chancellor Angela Merkel, and U.S. President Donald Trump discuss the joint statement following a breakfast meeting on the second day of the G7 meeting in Charlevoix city of La Malbaie, Quebec, Canada, June 9, 2018.

Leaders of the Group of Seven industrialized nations agreed at the conclusion of their summit on Saturday on the need for "free, fair, and mutually beneficial trade" and the importance of fighting protectionism, their communique said.

Trump, who left the summit in La Malbaie early ahead of his meeting with North Korean leader Kim Jong Un on Tuesaday, told reporters the U.S. needed protectionist tariffs because "we are like the piggy bank that everyone is robbing".

On Friday, European Council President Donald Tusk said Trump's criticism of the global rules-based order is "playing into the hands of those who seek a new post-West order where liberal democracy and fundamental freedoms would cease to exist".

Here's a World Bank graph of trade-weighted average tariffs for the G7 countries - with U.S. almost identical to UK/Italy/France/Ger, higher than Japan/Can.

Trump, who departed the summit early, also accused Canadian Prime Minister Justin Trudeau of being "very dishonest" in his condemnation of United States tariffs.

The US president accused other states of "robbing" his country through their trade policies.

G7 leaders had meant to use the summit to confront Trump on the tariffs, which they have described as protectionist and a threat to the global economy.

Oil prices extend losses after JPMorgan cuts forecast
But US oil had rebounded by Tuesday's close amid expectations US crude oil stockpiles likely fell for a second week last week. It also follows Washington's decision to re-impose sanctions on Iran's crude exports, which could disrupt global oil supply.

Trump's apparent threat to end US trade deals with top allies came as he feuded with French President Emmanuel Macron, Canadian Prime Minister Justin Trudeau and other leaders over the trade war he instigated late last month.

"This isn't just G7". "It's going to stop. And we're not going to be able to do that work when our retaliatory tariffs, which are real, they're significant", Morneau said in a Saturday interview.

Trudeau on Saturday rejected a USA demand for a sunset clause in NAFTA but said he was prepared to compromise on the issue, which is holding up talks to update the 1990s-era pact.

Trump had warned hours earlier that the United States would not allow the continued imposition of trade barriers by other nations.

"Obama can say all he wants", Trump added, "but he allowed Russian Federation to take Crimea". Trudeau rejected the idea.

And his comments appear to have struck a nerve with Republican McCain, who has previously disagreed with Trump on a number of issues, with the president blaming McCain for sinking his "skinny" repeal of Obamacare.

A German government official said the plan would see direct talks between the European Union and the United States start straight away, and last around two weeks, focused on how much, or whether, European Union trade policy endangers USA national security interests.

On Canada, Trump repeated criticism of Canadian dairy but says he wants to make a deal on NAFTA, with two different types of sunset clauses - a stumbling block for Canada in the past. He called many current tariffs on US goods and services "ridiculous". China has vowed to retaliate in equal measure.

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