44TH G7 SUMMIT•The 44th G7 summit was held on June 8–9, 2018, in

Quebec, Canada

•The Charlevoix region, located in

Quebec

GROUP OF SEVEN• The Group of Seven (G7) is a group consisting of Canada,

France, Germany, Italy, Japan, the United Kingdom, and the United States.

• These countries, with the seven largest advanced economies in the world, represent more than 62% of the global net wealth ($280 trillion).

• The G7 countries also represent more than 46% of the global gross domestic product (GDP) based on nominal values, and more than 32% of the global GDP based on purchasing power parity.

NOTES

•We need to remember that EU is also a non-

enumerated member to the G-8.

NOTES

In 1975 – USA, UK, France, West Germany,

Italy and Japan

In 1976 Canada joined making it G-7

In 1998 Russia joined and G7 became G8

44TH G7 SUMMIT

•The summit received much attention due to a

significant decline of relations of members with

the United States.

• Due to this, the summit was dubbed the "G6+1"

by France and some members of the media.

•

HERE’S WHY DONALD TRUMP IS TAKING AIM AT CANADA’S DAIRY INDUSTRY

•Supply management has been a target on Trump’s

official radar since early 2017, when he railed

against the “unfair” system and its impact on

Wisconsin dairy farmers who cannot export their

products to the Canadian market without facing

steep tariffs of up to 300 per cent.

IN TERMS OF THE G7 AGENDA

Donald Trump has rejected an agreement signed off by

the leaders of countries at the G7 summit in Canada

despite earlier having appeared to endorse the joint

statement vowing to fight back against protectionism and

pledging to follow established trade rules.

G7 communique

TARRIFS

•Donald Trump accuses India of charging 100 per cent

tariff on some imports

•President Donald Trump has taken a swipe at India

along with the world’s other top economies and

accused New Delhi of charging 100 per cent tariff on

some of the US’ goods, as he threatened to cut trade

ties with countries who are robbing America.

TARRIFS

“We’re like the piggybank that everybody is

robbing,”

“We’re talking to all countries. And it’s going to

stop. Or we’ll stop trading with them. And

that’s a very profitable answer, if we have to do

it,” Trump warned before leaving Canada for

Singapore

THE U.S. TRADE DEFICIT AND HOW IT HURTS THE ECONOMY

• In 2017, the total U.S. trade deficit was $566 billion.

• It imported $2.895 trillion of goods and services

while exporting $2.329 trillion.

•The deficit is higher than in 2013 when it was $478

billion.

CONSUMER PRODUCTS AND AUTOS DRIVE THE TRADE DEFICIT

• Consumer products and automobiles are the primary drivers

of the trade deficit. In 2017, the United States imported $602

billion in generic drugs, televisions, clothing, and other

household items. It only exported $198 billion of consumer

goods. The imbalance added $404 billion to the deficit. America

imported $359 billion worth of automobiles and parts, while

only exporting $158 billion.

• That added $201 billion to the deficit.

READMISSION OF RUSSIA AND THE G8

•On June 8, 2018, US president Donald Trump

pushed for the reinstatement of the G8.

• Italian prime minister Giuseppe Conte supported

the idea

Has the Mueller investigation into alleged "Russia

collusion" derailed Trump's original plan to use Russia to

contain China and Iran? A former key aide to President

Bill Clinton and Hillary Clinton believes it has, affecting

the calculus of foreign policy.