According to the leaders of the Group of Seven (G7) industrialized nations, the members have agreed to "acknowledge free, fair and mutually beneficial trade" as a "key engine" for growth and jobs as well as to note the importance of fighting protectionism.
"We strive to reduce tariff barriers, non-tariff barriers and subsidies," the leaders were quoted as saying by Reuters in a statement after a meeting that focused heavily on a current trade row between the US and its allies.
G7 leaders have called for negotiations to begin this year to develop stronger rules on market-distorting industrial subsidies and trade-distorting actions by state-owned enterprises. The G7 countries stressed the urgent need to avoid excess capacity in sectors such as aluminum and high technology.
French President Emmanuel Macron said at a briefing following the summit that "the G7 meeting did not allow us to remove all the differences, but it allowed us, in conditions of the existing tension, to preserve unity on all issues where it was possible."
In turn, the Canadian Prime Minister Justin Trudeau said on Saturday that he told US President Donald Trump that US tariffs on steel and aluminum were "insulting" and "not helping."
"I highlighted directly to the president that… it's kind of insulting, and I highlighted that it was not helping in our renegotiation of NAFTA, and that it would be with regret, but it would be with absolute certainty and firmness that we move forward with retaliatory measures on July 1," Trudeau said at the press conference following the summit.
rudeau also noted that Trump's announced intention to "invite Russia back to G8," was not "what we are now interested in."
"I said very simply that it is not something we are even remotely interested or looking at this time to have Russia returned to the G7," Trudeau said at the press conference following the two-day summit.
Moreover, UK Prime Minister Theresa May said that G7 countries agreed to be ready to adopt new restrictive measures against Russia.
"I also welcome the G7’s recognition of the need to maintain sanctions on Russia in light of Russia’s failure to fully implement the Minsk Agreements in Ukraine. We have agreed to stand ready to take further restrictive measures against Russia if necessary," May said in a statement after the two-day G7 summit
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