The Trade Tariffs Isolate the United States from the Rest of the G7

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On Friday, the closest allies to Washington attacked the US government under the leadership of President Donald Trump. The allies to the US blamed Washington for imposing trade tariffs on aluminum and steel imports and brought appeals with the World Trade Organization. These accusations fouled the mood in the G7 meeting that brings together the seven most industrialized nations on earth. The prime target of the criticism was Steven Mnuchin. Mnuchin serves as the secretary of the Treasury in Washington. The meeting was attended by the ministers of finance from the seven wealthiest countries in the globe together with the governors of their central banks.

President Trump promised to impose punitive tariffs on all steel and aluminum imports into the American market. Trump said that the driving force behind this policy was national security interests and the need to boost local production of these metals. The trade tariffs are also complicating the efforts by the United States to rally the world against the illicit trade practices by China. The US secretary of Commerce, Wilbur Ross, has traveled to the Chinese capital of Beijing to deliberate on how to stop an imminent trade war between the two largest economies on the planet. The Minister of Finance from Tokyo Taro Aso termed the trade tariffs by Washington as profoundly deplorable.

Mr Aso pointed out that Japanese steel and aluminum exporters have been paying the punitive tariffs for two months now since March 23. Aso told journalists the G7 meeting was everyone else against the United States. He also pointed out that such disagreement was very rare in the previous G7 meetings. The Canadian government and the European Union have both filed appeals with the World Trade Organization. The Minister of Foreign relations from Canada Chrystia Freeland issued a statement that the trade tariffs were issued under the pretext of safeguarding Washington’s national security. Freeland added that the pretext was utterly false, ill-advised and wrong.

The G7 meeting was being conducted in a ski resort in the mountains of British Columbia, Canada. The Canadian Finance Minister Bill Morneau said that he had expressed to his American counterpart how absurd it was that Canadians could represent a threat to US’s national security. The French Minister of Finance Bruno Le Maire said that Steven Mnuchin had been isolated in the G7 meeting. Mr Le Maire said that the meeting had been regrouped into a G6 plus one.

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