‘Fair Trade is now to be called Fool Trade’ says Trump after G7 meeting

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After pulling out of the G-7 agreement on Sunday and the subsequent response of European leaders, Donald Trump, on Monday, said that ‘Fair Trade is now called Free Trade’ in a fresh set of tweets.

This follows a series of events starting with Donald Trump agreeing to a joint communique with G-7 leaders. He left the summit early for Singapore for the historic meet with North Korean leader Kim Un Jong. Once the summit ended the leaders of the world’s six powerful countries expressed their views in press conferences and statements. One of the was by the Canadian Prime Minister Justin Trudeau where he said that Canada will retaliate to the tariffs imposed by the US.

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Enroute, the US president did a u-turn, within minutes if Trudeau’s statement, and refused to endorse the  communique. According to Trump, the US backed out of the agreement it had earlier agreed, due to “false statements at [Mr Trudeau’s] news conference, and the fact that Canada is charging massive tariffs to our US farmers, workers and companies.” His team referred to Trudeau’s as back stabbing comments. ‘

German Chancellor Angela Merkel and French President Emmanuel Macron on Sunday said that they are going ahead with the communique (despite the US pulling out).

President Donald Trump tweeted ‘Fair Trade is now to be called Fool Trade if it is not Reciprocal. According to a Canada release, they make almost 100 Billion Dollars in Trade with U.S. (guess they were bragging and got caught!). Minimum is 17B. Tax Dairy from us at 270%. Then Justin acts hurt when called out!”

French President Emmanuel Macron criticised Donald Trump’s “fits of anger” (on twitter).  Macron’s office released a statement which said “International co-operation cannot be dictated by fits of anger and throwaway remarks. We spend two days working out a [joint] statement and commitments. We are sticking to them and whoever reneges on them is showing incoherence and inconsistency”.

The statement added that France and Europe “maintain their support” for the document which says the G7 leaders “acknowledge free, fair, and mutually beneficial trade is a key engine for engine for growth and jobs”, and commits the group to modernise the World Trade Organisation (WTO).

ALSO READ:Trump allegedly pitches scrapping trade barriers, tariffs at G-7 summit

Why should I, as President of the United States, allow countries to continue to make Massive Trade Surpluses, as they have for decades, while our Farmers, Workers & Taxpayers have such a big and unfair price to pay? Not fair to the PEOPLE of America! $800 Billion Trade Deficit…

….And add to that the fact that the U.S. pays close to the entire cost of NATO-protecting many of these same countries that rip us off on Trade (they pay only a fraction of the cost-and laugh!). The European Union had a $151 Billion Surplus-should pay much more for Military!

…Germany pays 1% (slowly) of GDP towards NATO, while we pay 4% of a MUCH larger GDP. Does anybody believe that makes sense? We protect Europe (which is good) at great financial loss, and then get unfairly clobbered on Trade. Change is coming!

Sorry, we cannot let our friends, or enemies, take advantage of us on Trade anymore. We must put the American worker first!

 

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