Trump throws G-7 into disarray with tweets after he leaves

Agencies
June 10, 2018

La Malbaiel, Jun 10: ashing out at the longtime U.S. ally and northern neighbor, President Donald Trump tweeted that Canadian Prime Minister Justin Trudeau is “dishonest & weak” and that the U.S. was pulling back its endorsement of the G-7 summit’s communique in part because of what he called Mr. Trudeau’s “false statements” at a news conference.

In an extraordinary set of tweets aboard Air Force One, on its way to Singapore for Tuesday’s summit with North Korea’s Kim Jong Un, Mr. Trump threw the G-7 summit into disarray on Saturday and threatened to escalate his trade war just as Canada released the G-7’s official communique. Its statement took a generally positive view of the leaders’ positions on trade matters while acknowledging tensions with the U.S.

A few hours earlier, Mr. Trudeau had told reporters that all seven leaders had come together to sign the joint declaration.

Mr. Trump tweeted- “Based on Justin’s false statements at his news conference, and the fact that Canada is charging massive Tariffs to our U.S. farmers, workers and companies, I have instructed our U.S. Reps not to endorse the Communique as we look at Tariffs on automobiles flooding the U.S. Market!”

In a statement, a spokesman for Mr. Trudeau did not address Mr. Trump’s insults. “We are focused on everything we accomplished here at the “G7 summit,” spokesman Cameron Ahmad said. “The Prime Minister said nothing he hasn’t said before both in public, and in private conversations with the President.”

Mr. Trump’s personal attack on Mr. Trudeau is unprecedented in the countries’ longstanding relationship.

As he exited the world summit, Mr. Trump had delivered a stark warning to America’s trading partners not to counter his decision to impose tariffs on steel and aluminum imports. But the summit host, Mr. Trudeau, whose nation was among those singled out by Mr. Trump, pushed back and said he would not hesitate to retaliate against his neighbor to the south.

“If they retaliate, they’re making a mistake,” Mr. Trump declared before departing the annual Group of Seven summit, which includes Britain, Italy, France, Germany and Japan.

Mr. Trudeau later said he reiterated to Mr. Trump that tariffs will harm industries and workers on both sides of the U.S.-Canada border. He said unleashing retaliatory measures “is not something I relish doing” but that he wouldn’t hesitate to do so because “I will always protect Canadian workers and Canadian interests.”

“As Canadians, we are polite, we’re reasonable, but also we will not be pushed around,” Mr. Trudeau said.

Despite the sharp differences, Mr. Trudeau said all seven leaders had come together to sign a joint declaration despite having “some strong, firm conversations on trade, and specifically on American tariffs.”

Mr. Trump himself insisted relationships with allies were a “ten” just before he left the summit. But Mr. Trump’s abbreviated stay at this Quebec resort saw him continuing the same type of tough talk on trade as when he departed the White House, when he accused Mr. Trudeau of being “indignant.”

The summit came during an ongoing trade dispute with China and served as a precursor to the unprecedented meeting with Mr. Kim, in which Mr. Trump has sought to extend a hand to the Asian autocrat who has long bedeviled the international order.

“His message from Quebec to Singapore is that he is going to meld the industrial democracies to his will and bring back Russia,” said Steve Bannon, Mr. Trump’s former campaign and White House adviser. Mr. Bannon said China is “now on notice that Trump will not back down from even allies’ complaints in his goal of ‘America First.’”

Speaking on Saturday during a rare solo news conference, Mr. Trump said he pressed for the G-7 countries to eliminate all tariffs, trade barriers and subsidies in their trading practices. He reiterated his longstanding view that the U.S. has been taken advantage of in global trade, adding, “We’re like the piggy bank that everybody’s robbing, and that ends.”

Mr. Trump cited progress on reaching an agreement on the North American Free Trade Agreement with Canada and Mexico, saying the final outcome would lead either to an improved trade deal or separate pacts with the two U.S. neighbors. Mr. Trump said he was discussing two types of sunset provisions in which any of the countries could leave the deal. A Canadian official said the leaders discussed accelerating the pace of the talks.

But Mr. Trudeau objected strenuously to a sunset clause of any length. “If you put an expiry date on any trade deal, that’s not a trade deal. That’s our unequivocal position,” he said.

Prior to his arrival on Friday, the president injected additional controversy by suggesting that the G-7 offer a seat at the table to Russia, which was ousted from the group in 2014. Mr. Trump said on Saturday that re-admitting Russia to the elite club would be “an asset,” telling reporters, “We’re looking for peace in the world.” Mr. Trump said he had not spoken with Russian President Vladimir Putin in a while.

Discussing Russia’s absence, Mr. Trump made the vague comment that “something happened a while ago where Russia is no longer in. I think it would be an asset to have Russia back in.” In fact, Russia was expelled from what was then the G-8 after it invaded and annexed Crimea and for its support for pro-Russia separatists in Ukraine.

Mr. Trump placed the blame on his predecessor, President Barack Obama. “He was the one who let Crimea get away that was during his administration,” he said, adding- “Obama can say all he wants, but he allowed Russia to take Crimea. I may have had a much different attitude.”

It was not clear what Mr. Trump thought Mr. Obama should have done to prevent Mr. Putin from sending in Russian troops to seize the Black Sea peninsula from neighboring Ukraine.

Mr. Trudeau said he told Mr. Trump that readmitting Russia “is not something that we are even remotely looking at at this time.”

Mr. Trump departed the annual G-7 gathering after arriving late to a breakfast on gender equity and skipping later sessions on climate change, clean energy and ocean protection.

Mr. Trump’s recent moves, building on 18 months of nationalist policy-making, left him out of step with the globally minded organization and prompted speculation that the group could fracture into something more like the “G-6 plus one.”

A key question was whether the seven countries could agree on a joint statement of priorities at the conclusion of the meeting. Mr. Macron said Thursday on Twitter, “The American President may not mind being isolated, but neither do we mind signing a 6 country agreement if need be.” Mr. Trump said on Friday he thinks the group will produce a joint statement.

In public, Mr. Trump bantered easily with his fellow leaders, but the meeting came at a tense moment in the relationships, with allies steaming over Mr. Trump’s new tariffs on imported steel and aluminum from Canada, Mexico and the European Union.

French President Emmanuel Macron said he and Mr. Trump had “open and direct” discussions, adding that he thought there was a way to get a “win-win” outcome on trade. Details remained unclear.

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News Network
March 12,2020

Bhopal, Mar 12: The Madhya Pradesh Congress on Thursday took a dig at Jyotiraditya Scindia, who broke ranks with the party and joined BJP on Wednesday, by pointing out that neither Prime Minister Narendra Modi nor Amit Shah had not even put out as much a tweet to welcome him in the party, and construed it as "humiliation" for the "maharaja".

"Not even a tweet by Narendra Modi-ji or Amit Shah-ji to welcome Scindia-ji! Modi-ji, Shah-ji, at least do not do it so soon. It has not even been 24 hours yet and you guys have already started humiliating him...!" Madya Pradesh Congress tweeted in Hindi.

Taking a jibe at Mr Scindia, a member of the erstwhile royal family of Gwalior who ended his 18-year-long association with the Congress party on a bitter note, the state Congress said: "He is a maharaja, the one whose history is often mentioned by Shivraj-ji (former Madhya Pradesh Chief Minister Shivraj Singh Chouhan)."

On Wednesday, Jyotiraditya  Scindia joined BJP in New Delhi in the presence of party president JP Nadda. He had resigned from Congress a day earlier after meeting Amit Shah and Prime Minister Narendra Modi.

Mr Scindia will file his nomination for the Rajya Sabha elections on March 13. He is expected to go to Bhopal today.

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Agencies
July 3,2020

The dollar's dominance will slowly melt away over the coming year on weakening global demand and a sombre U.S. economic outlook, according to a Reuters poll of currency forecasters whose views depend on there being no second coronavirus shock.

Despite fears a surge in new Covid-19 cases would delay economies reopening and stymie a tentative recovery, world stocks have rallied - with the S&P 500 finishing higher in June, marking its biggest quarterly percentage gain since the height of the technology boom in 1998.

Caught between bets in favour of riskier investments, weak U.S. economic prospects as well as an easing in the thirst for dollars after the Federal Reserve flooded markets with liquidity, the greenback fell nearly 1.0 per cent last month. It was its worst monthly performance since December.

While there was a dire prognosis from the top U.S. medical expert on the coronavirus' spread, the June 25-July 1 poll of over 70 analysts showed weak dollar projections as Fed Chair Jerome Powell on Monday reiterated the economic outlook for the world's largest economy was uncertain.

"The dollar rises in two instances: when you see risk off or when there is a situation where the U.S. is leading the global recovery, and we don't think that's going to be the case anytime soon," said Gavin Friend, senior FX strategist at NAB Group in London.

"The U.S. is playing fast and loose with the virus, and chronologically they're behind the rest of the world."

Currency speculators, who had built up trades against the dollar to the highest in two years during May, increased their out-of-favour dollar bets further last week, the latest positioning data showed.

About 80 per cent of analysts, 53 of 66, said the likely path for the dollar over the next six months was to trade around current levels, alternating between slight gains and losses in a range. That suggests the greenback may be at a crucial crossroad as more currency strategists have turned bearish.

But more than 90 per cent, or 63 of 68, said a second shock from the pandemic would push the dollar higher. Five said it would push the U.S. currency lower.

Much will also depend on debt servicing and repayments by Asian, European and other international borrowers in U.S. dollars.

While an early shortage of dollars in March from the pandemic's first shock pushed the Fed to open currency swap lines with major central banks, international funding strains have eased significantly since. In recent weeks, usage of the facility has reduced dramatically.

That trend is expected to continue over the next six months with major central banks' usage of swap lines to "stay around current levels", according to 32 of 46 analysts. While 13 predicted a sharp drop, only one respondent said use of them would "rise sharply".

The dollar index, which measures the greenback's strength against six other major currencies, has slipped over 5 per cent since touching a more than three-year high in March.

When asked which currencies would perform better against the dollar by end-December, a touch over half of 49 respondents said major developed market ones, with the remaining almost split between commodity-linked and emerging market currencies.

"The dollar is so overvalued, and has been overvalued for a long time, it's time now for it to come back down again, as we head towards the (U.S.) election," added NAB's Friend.

Over the last quarter, the euro has staged a 1.8 per cent comeback after falling by a similar margin during the first three months of the year. For the month of June, the euro was up 1.2 per cent against the dollar.

The single currency was now expected to gain about 2.5 per cent to trade at $1.15 in a year from around $1.12 on Wednesday, slightly stronger than $1.14 predicted last month. While those findings are similar to what analysts have been predicting for nearly two years, there was a clear shift in their outlook for the euro, with the range of forecasts showing higher highs and higher lows from last month.

"In comparison to even a month or two ago, the outlook in Europe has improved significantly," said Lee Hardman, currency strategist at MUFG.

"I think that makes the euro look relatively more attractive and cheap against the likes of the dollar. We're not arguing strongly for the euro to surge higher, we're just saying, after the weakness we have seen in recent years, there is the potential for that weakness to start to reverse."

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News Network
July 5,2020

Washington, Jul 5: US President Donald Trump on Saturday thanked Prime Minister Narendra Modi for his wishes on America's 244th Independence Day.

On Saturday, PM Modi tweeted: "I congratulate @POTUS @realDonaldTrump and the people of the USA on the 244th Independence Day of the USA. As the world's largest democracies, we cherish freedom and human enterprise that this day celebrates. @WhiteHouse"

While replying to PM Modi's wishes, Mr Trump tweeted: "Thank you my friend. America loves India!"

The US President also attended the July 4 American Independence Day celebrations in South Dakota.

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