The 44th G7 summit is being held on June 8-9, 2018,in Charlevoix, Canada. A Few market participants already refer to it as the G-6+ as the US President Donald Trump’s protectionate stance and imposed tariffs on its trading allies. Donald Trump tweeted,"Looking forward to straightening out unfair Trade Deals with the G-7 countries. If it doesn’t happen, we come out even better!".
The G-7 is comprised of the following participant countries:
1. Canada- Justin Trudeau , President
2. France- Emmanuel Macron, President
3. Germany- Angela Merkel, Chancellor
4. Italy-Giuseppe Conte, Prime Minister
5. Japan- Shinzō Abe, Prime Minister
6. The UK- Theresa May, Prime Minister
7. The US- Donald Trump, President
The European Union, the world’s largest trading bloc, is also represented. The G7 represents 46% of global nominal GDP and 32% of global purchasing power parity. On the first day of the summit, the United States announced that it would pushing for the reinstatement of Russia. Italy also requested a restoration of the G8 shortly after.
German Chancellor Angela Merkel and French President Emmanuel Macron have already warned Trump that they won’t sign a joint G-7 statement at the end of the summit unless the US will grant major concessions to Germany, France and the EU. In addition, Macron has stated that other G-7 members need to unite and confront the US over imposed tariffs as well as other geopolitical and economic issues. Merkel has called for the EU to step up and take a more active role and noted that Europe can’t rely on the US as a partner any longer.
Italy will arrive with its new populist leadership and the G-7 never dealt with this type of scenario before. While the UK and Japan have been more quiet as the rest of the G-6 in regard to Trump’s tariff and withdrawal from the Iran nuclear deal, Canadian Prime Minister Trudeau appears to have enough of the US President after he also started renegotiating NAFTA and even considers two separate trade deals with Canada and Mexico.
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