An ill-tempered meeting of G-Seven finance ministers has ended with a warning that the United States has days to avoid a trade war.
Over two days of discussions, G7 Finance Ministers and Central Bank Governors engaged on a range of topics including the importance of rules-based international trade, and ways of ensuring that economic growth works for everyone.
The US Treasury Secretary Steven Mnuchin has told his G-Seven counterparts that President Trump will address their concerns about import tariffs at next week’s summit in Canada. But Mr Mnuchin rejected their claims that Washington was circumventing international trade rules.
After an ill-tempered meeting, the other six finance ministers fiercely criticised the Trump administration’s dec
ision to raise taxes on steel and aluminium. The French minster, Bruno Le Maire, said a trade war was just days away, and it was up to the United States to ease tensions. Meanwhile, in a series of tweets Mr Trump stood by his policy, saying that other countries have ripped off the United States for years.
The 44th G7 summit will be held on June 8 and 9, 2018, in La Malbaie, Quebec, Canada. This was the sixth time since 1981 that Canada has hosted the meetings.