Trump calls for the removal of tariffs, trade barriers at the G7 summit: ‘That’s the way it should be’
Briefing reporters before he left the G7 summit in Canada on Saturday, U.S. President Donald Trump said that he suggested that the Group of Seven leaders drop all barriers to trade and do away with tariffs altogether.
But don’t expect America’s trading partners to accept Trump’s latest economic proposal any time soon.
Laissez-faire economics
Although the leaders of Canada, the U.K., France, Italy, Japan and Germany apparently weighed the prudence of Trump’s free trade plan, they are unlikely to be encouraged by the prospect. With tariffs and other protective economic barriers out of the way, the industrial powers would be subject to an equal and level playing field — an economic arena where America would cease to be what Trump calls “the piggy bank that everybody is robbing.”
“That’s the way it should be, no tariffs, no barriers… and no subsidies,” Trump told reporters. “That’s the way you learned at the Wharton School of Finance, I mean that would be the ultimate thing.”
Trump was referring to a system known as laissez-faire (from the French, meaning “to let be”) economics, an 18th-century classical doctrine that advocates economic markets that function without any government or political intervention. Most modern economies have moved away from this over the years, at first by instituting antitrust legislation and preventing corporate abuses, but this has made it difficult for small businesses to navigate the burdensome red tape put in place by government bureaucrats.
Still, according to Trump, the G7 countries “need to have a fair and reciprocal trade” — but it doesn’t seem that other world leaders were too keen on that idea. John Bolton, the president’s national security adviser, tweeted out a dramatic photograph from the summit where the U.S. president appears to be at odds with the other industrial powers.
The president’s body language in the now-viral image suggests that he was unwilling to budge on whatever particular proposal was being discussed at the time. Take a look:
Just another #G7 where other countries expect America will always be their bank. The President made it clear today. No more. (photo by @RegSprecher)
Trade wars
Before leaving the summit early to attend to his highly anticipated diplomatic talks with North Korea, Trump reiterated that “the United States has been taken advantage of for decades and decades,” but the president refused to blame the other G7 countries for America’s poor trading position. Instead, he assigned the blame for “unfair” trade deals to his predecessors — and now, Trump is taking matters into his own hands in hopes of fixing what they broke.
As such, on June 1, the U.S. imposed a 25 percent tariff on steel and 10 percent tariff on aluminum imports from the European Union (EU), Canada, and Mexico. The trade tax infuriated the U.S. allies, who promised to follow up with prohibitive tariffs of their own.
Additionally, speaking in bilateral talks with Canadian Prime Minister Justin Trudeau, Trump discussed renegotiating the North American Free Trade Agreement (NAFTA). The U.S. president has offered to completely scrap the deal in favor of unilateral agreements with both Mexico and Canada, a deal that Trudeau has shown little interest in upholding.
The G7 elites are unlikely to accept any plan that differs from the status quo, however. For decades, they have flourished from an economic world order that allows them to benefit from America’s vast consumer economy while upholding protectionist policies of their own.
Fortunately, Trump made it clear during his visit to Quebec that this period is now over.
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