Published: Sat, June 09, 2018
Business | By Tara Barton

Trump says Russia should be let back into G-8

Trump set the tone before leaving Washington on Friday.

Many countries also remain suspicious of the way the USA seems to have done an about-face on trade policy, appearing to abandon its long-standing support for free and open markets, says Simon Johnson, professor of entrepreneurship at the Sloan School of Management at the Massachusetts Institute of Technology.

The US president sparred with both leaders over trade well into Thursday night, accusing the European Union and Canada of unfair business practices, and then resumed his polemic soon after 6am US time, complaining about Canadian dairy tariffs. We have to change it.

"A rocky summit to begin with already, is likely to be a bit rockier", explains Carleton University Political Scientis Elliott Tepper, who says Trump's actions may leave the United States isolated.

Financial markets have been largely subdued in their response to the summit so far, with stocks trading in tight ranges either side of unchanged and bond yields flat.

But they also made it clear that won't keep them from pushing Trump to end the tariffs, which they brand as illegal and bad for everyone's economy. "Ask this great lady".

Despite the G7's efforts to coax the Trump administration away from a go-it-alone approach, some analysts now question whether Washington remains committed to basic policies that have upheld the post-World War Two global economic system.

Trump may well be distracted by preparations for his June 12 summit with North Korea's Kim Jong Un, which will be in Singapore immediately after the rich-world talking shop in Canada.

Breaking Kwesi Nyantakyi resigns from Ghana Football Association
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Donald Trumps's decision to pull out of the Iran nuclear deal also demonstrated his reluctance to toe the line of his allies. Mr. Trump has been attacking France and other USA allies over their trade policy.

Earlier on Friday, Deputy Foreign Minister Sergey Ryabkov told TASS that the ministry is conducting preliminary work for a meeting between Putin and Trump.

That has financial markets anxious about tit-for-tit escalation that could tarnish an overall rosy global economic outlook.

As he prepared to travel to Canada, he ramped up his blast of Canada on Twitter this morning over what he says are unfair trade practices. At the time, he mentioned he was open to renegotiating the pact, but other members expressed resistance to that idea.

Also on Thursday, Trudeau said at a news conference that with Macron, "we are going to defend our industries and our workers" and "show the US President that his unacceptable actions are hurting his own citizens".

Russian Federation was booted from the then-G8 in 2014 over its annexation of Crimea, which world leaders condemned as "illegal".

But Russia appeared to turn down Trump's suggestion. He was making a passing reference to the probe into Russian interference in the 2016 United States elections and possible collusion with Trump's presidential campaign. Both Moscow and Trump have denied the allegations.

These summits are usually seen as a cheerful and informal demonstration of shared objective and responsibility among the world's richest economies.

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