Trump, Other G7 Leaders Commit to Fighting Protectionism in Joint Statement After Meeting
Leaders of the Group of 7 nations agreed to “keep our markets open and to fight protectionism,” while “standing firm” against unfair trade practices, according to language in a joint communique (here) published after the officials met May 26-27 in Taormina, Italy. Treasury Secretary Steven Mnuchin blocked the adoption of a multilateral commitment to oppose protectionism in the Group of 20 international finance ministers’ joint communique following a March meeting in Germany (see 1703200010). The G7 language did state that trade “has not always worked to the benefit of everyone,” and leaders committed to “adopting appropriate policies” to help firms and individuals capitalize on global economic opportunities.
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The communique further indicates a continued G7 push for removal of dumping, non-tariff barriers, forced technology transfers, subsidies and other market-distorting support. “We commit to further strengthening our cooperation and to working with our partners in order to address global excess capacity in the steel, aluminum and other key industrial sectors and to avoid its emergence in other areas,” the communique states. “In this sense, we view with concern market-distorting measures targeted at promoting key technologies.” The language also commits all leaders to working for “full and transparent implementation and timely enforcement of all” World Trade Organization rules.