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World leaders at the G7 summit in Canada on Monday pressed President Trump to de-escalate his trade war, warning of the potential risks to global economic stability. Despite Canada's efforts to avoid antagonizing Trump and with attention diverted to the Middle East, leaders urged the US president to reverse course on planned tariffs that could take effect as early as next month.
"Several participants asked to end the tariff dispute as soon as possible. They argued that this dispute weakens the G7's economies and in the end will only strengthen China," a senior German official told reporters on condition of anonymity.
The six other countries urged Trump to end his trade conflict as soon as possible, telling him that his protectionist policies were only "damaging to ourselves," the official added.
Most countries represented at the G7 are already subject to a 10 percent baseline tariff imposed by Trump, under a temporary easing of higher rates, with European countries and Japan also slapped with additional levies on cars and steel and aluminum.
Britain in May was the first country to sign a preliminary deal with Washington to avoid deeper tariffs, and the two leaders at the G7 said they had agreed on the accord's final points and signed the agreement.
"I like them. That's the ultimate protection," Trump told reporters after a meeting with British Prime Minister Keir Starmer on the G7 sidelines.
Trump opened a folder to display the signed documents, only for the paperwork to slide out and spread across the ground. "Oops, sorry about that," he said as Starmer scrambled to gather up the loose sheets and stuff them back in the folder.
The trade issue is of particular interest to Canada after the Trump administration announced several extra levies on Canadian imports in recent months, throwing the country's economic future into deep uncertainty.
After a meeting between Trump and Prime Minister Mark Carney, the Canadian government indicated that the two sides could come to a trade truce deal in the next 30 days.
Mexican President Claudia Sheinbaum will also have her face-to-face time with Trump as her country tries to renegotiate its three-way North American free trade agreement that also includes Canada.
