Table of Contents
44TH G7 SUMMIT
•The 44th G7 summit was held on June 8–9, 2018, in Quebec, Canada
•The Charlevoix region, located in Quebec
GROUP OF SEVEN
• The Group of Seven (G7) is a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
• These countries, with the seven largest advanced economies in the world, represent more than 62% of the global net wealth ($280 trillion).
• The G7 countries also represent more than 46% of the global gross domestic product (GDP) based on nominal values, and more than 32% of the global GDP based on purchasing power
parity.
NOTES
•We need to remember that EU is also a non enumerated member to the G-8.
NOTES
In 1975 – USA, UK, France, West Germany, Italy and Japan
In 1976 Canada joined making it G-7
In 1998 Russia joined and G7 became G8
44TH G7 SUMMIT
•The summit received much attention due to a significant decline of relations of members with
the United States.
• Due to this, the summit was dubbed the “G6+1” by France and some members of the media.
HERE’S WHY DONALD TRUMP IS TAKING AIM AT CANADA’S DAIRY INDUSTRY
•Supply management has been a target on Trump’s official radar since early 2017, when he railed against the “unfair” system and its impact on Wisconsin dairy farmers who cannot export their products to the Canadian market without facing steep tariffs of up to 300 per cent.
IN TERMS OF THE G7 AGENDA
Donald Trump has rejected an agreement signed off by the leaders of countries at the G7 summit in Canada despite earlier having appeared to endorse the joint statement vowing to fight back against protectionism and pledging to follow established trade rules.
G7 communique TARRIFS
•Donald Trump accuses India of charging 100 per cent tariff on some imports
• President Donald Trump has taken a swipe at India along with the world’s other top economies and accused New Delhi of charging 100 per cent tariff on some of the US’ goods, as he threatened to cut trade ties with countries who are robbing America.
TARRIFS
“We’re like the piggy bank that everybody is robbing,” “We’re talking to all countries. And it’s going to stop. Or we’ll stop trading with them. And that’s a very profitable answer, if we have to do it,” Trump warned before leaving Canada for Singapore.
THE U.S. TRADE DEFICIT AND HOW IT HURTS THE ECONOMY
•In 2017, the total U.S. trade deficit was $566 billion.
• It imported $2.895 trillion of goods and services while exporting $2.329 trillion.
•The deficit is higher than in 2013 when it was $478 billion.
CONSUMER PRODUCTS AND AUTOS DRIVE THE TRADE DEFICIT
• Consumer products and automobiles are the primary drivers of the trade deficit. In 2017, the United States imported $602 billion in generic drugs, televisions, clothing, and other
household items. It only exported $198 billion of consumer goods. The imbalance added $404 billion to the deficit. America imported $359 billion worth of automobiles and parts, while
only exporting $158 billion.
• That added $201 billion to the deficit. READMISSION OF RUSSIA AND THE G8
•On June 8, 2018, US president Donald Trump pushed for the reinstatement of the G8.
•Italian prime minister Giuseppe Conte supported the idea
Has the Mueller investigation into alleged “Russia collusion” derailed Trump’s original plan to use Russia to contain China and Iran? A former key aide to President Bill Clinton and Hillary Clinton believes it has, affecting the calculus of foreign policy.
WhatsApp