It is fool trade, not fair trade, says Trump after G7 fiasco

Two days after the G7 summit ended in acrimony, isolating the US further, an angry President Donald Trump tweeted from Singapore that ‘fair trade’ is now to be called ‘fool trade’ if it is not reciprocal.

Trump is in Singapore for a landmark summit with North Korea’s leader Kim Jong-un on Tuesday (June12).

He particularly came hard on Canadian Prime Minister Justin Trudeau in a tweet.

“According to a Canada release, they make almost 100 Billion Dollars in Trade with US (guess they were bragging and got caught!). Minimum is 17B. Tax Dairy from us at 270 per cent. Then [Prime Minister] Justin [Trudeau] acts hurt when called out!”

He said Trudeau was “meek and mild” during the G7 meetings. But after he left for Singapore, Trudeau said Canada plans huge tariffs on imported US goods. Trump said this showed the Canadian prime minister is “dishonest and weak” too.

Trump did not spare Europe from his criticism.

Germany pays 1% of GDP towards NATO while the US pays 4% of a much larger GDP. After protecting Europe at financial loss, the US get unfairly criticised on trade. US is like a piggy bank that everybody is robbing and this must stop, he said.

Key members of Trump’s team joined him in the war of words.

Larry Kudlow, director of National Economic Council, said on CNN Trudeau “stabbed us in the back” and did a “great disservice to the whole G7.”

Peter Navarro, the White House director of trade policy, said on Fox News there is a special place in hell for any foreign leader who engages in bad faith diplomacy with Trump.

Trudeau said Trump’s decision to invoke national security to justify US tariffs on imports of steel and aluminium was “insulting” and Canadians will not allow themselves to be pushed around.

Ignoring angry tweets from Trump and his aides, he said it is significant G7 countries reached an agreement despite Trump’s U-turn.

French President Emmanuel Macron said international cooperation “cannot depend on anger or small words” while German Chancellor Angela Merkel called Trump’s decision to withdraw US support for the G7 communique “sobering and a bit depressing.”

Merkel kept her cool after the summit ended in disaster. Later, she told media that trade talks should go on and angry actions will not serve any purpose.