Trump won't endorse G7 joint statement, attacks 'weak & dishonest' Trudeau

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Leaders of the Group of Seven industrialized nations agreed at the conclusion of their summit on Saturday on the need for "free, fair, and mutually beneficial trade" and the importance of fighting protectionism, their communique said.

Trump said that Trudeau was "meek and mild" during the G7 meeting. "We make commitments and keep them", the presidency said, adding that "France and Europe maintain their support for this (G7) statement".

Europe will implement counter-measures against US tariffs on steel and aluminum just like Canada, German Chancellor Angela Merkel said, voicing regret about Trump's decision to withdraw support for the communique.

"We strive to reduce tariff barriers, non-tariff barriers and subsidies", the post-summit statement by the G7 leaders, which was released about an hour before Trump's fresh rant, read.

"International cooperation can not depend on being angry and on sound bites".

We are focused on everything we accomplished here at the #G7 summit.

The remarks apparently upset Trump, who had left the conference early to travel to Singapore for a highly anticipated meeting with North Korean leader Kim Jong-un.

On Friday, Trump said that Russian Federation should be part of the G7 summit.

Trump appeared to have taken notice and pushed back: "Please tell Prime Minister Trudeau and President Macron that they are charging the USA massive tariffs and create non-monetary barriers", Trump said in a tweet.

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Both men said they still want companies to release detailed quarterly and annual financial data, so investors can evaluate them. Morgan chief executive Jamie Dimon appeared on CNBC on Thursday to discuss why he doesn't think tariffs are the way to go.

"It's going to change, a hundred per cent".

Trudeau told the president that Canadians did not take it lightly that the US has moved forward with significant tariffs on their steel and aluminum industry. The president had described the G7 meeting as cordial, even though he accused the USA allies of treating America "like a piggy bank".

But during his comments today, Trump raised multiple options for Nafta, including a potential new deal or the possibility of doing separate deals with Mexico and Canada, effectively cleaving the longtime agreement in two.

Before Trudeau's announcement, there had been speculation that the USA might be excluded from the communique due to high tensions between Trump and some G-7 leaders over recently imposed tariffs on steel and aluminum imports.

Trump insisted that either version of the any future North American trade deal must have one key feature - a five-year sunset clause.

EU Council President Donald Tusk hailed what he called a "first and very good, promising meeting" with Conte, while EU Commission president Jean-Claude Juncker said he "didn't see divergences between Italy and the rest of the European Union over trade".

"The world as we know it, namely the USA -led rules-based multilateralism, is now in serious danger of unraveling, as illustrated at the G7 meeting", said Erik Nielsen, chief economist at Unicredit Bank.

The president also referred to Trudeau's "false statements", which he didn't explain.

Sharply criticizing Trump's remarks on tariffs, Trudeau promised that Canada would answer with its own on July 1 unless the USA reversed course.