Image credit: Tony Gentile / Reuters / Getty Images
June 07, 2018
The G7 summit will be contentious — for all the wrong reasons
Leaders of the Group of 7 industrialized democracies will gather this week in Quebec for their annual meeting on the world's economy. Following the Trump administration's recent imposition of steel and aluminum tariffs on Europe, Japan and Canada, however, the summit is shaping up as 6 versus 1.
Why it matters: What would normally be an opportunity to forge unity on key challenges — with China's discriminatory trade practices foremost among them — will be anything but.
The summit comes as wealthy democracies worry about an accelerating slide toward all-out trade war. Canada and Mexico have already responded to the tariffs with their own measures against U.S. imports, and the European Union is readying to retaliate. Trump has signaled that he may next impose tariffs on foreign automobiles, to which America's economic partners are likely to respond. Endless tit-for-tat moves toward protectionism would be bad for everyone.
Read the Full Article at Axios
More from CNAS
-
The Unintended Consequences of Economic Sanctions
Economic sanctions are being used more and more often but also face more questions of effectiveness, especially as they are used on larger and larger targets. The recent anniv...
By Rachel Ziemba
-
Volkswagen, then Stellantis: Billions for battery plants, but little on mines for raw material
Canada’s critical minerals strategy has large aspirations, but these plans will go unrealized without a higher degree of focus and funding....
By Rachel Ziemba, Giancarlo Da-Re & Matthew Funk
-
Incentivizing Whistleblowers to Combat Sanctions Evasion
Although misguided patriotism drives many Russian intelligence officers to support President Vladimir Putin’s war machine, money can persuade sanctions-evasion enablers — espe...
By Alex Zerden & Arshan Barzani
-
The Role of Investment Security in Addressing China’s Pursuit of Defense Technologies
Summary of Testimony Chairman Bartholomew, Vice Chairman Wong, and Commissioners, thank you for the opportunity to provide testimony before the Commission.1 A summary of the r...
By Emily Kilcrease