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Michael McKee
I’ve covered G7 meetings since 1995. I’ve never seen a country, let alone a G7 member, singled out like this: —thread—
Chair’s Summary: G7 Finance Ministers and Central Bank Governors’ Meeting : 2018 G7 Summit – Canada 2018 G7 Presidency – Charlevoix, Quebec
G7 Canada G7 Canada @g7
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Michael McKee Jun 2
Replying to @mckonomy
I asked Secretary Mnuchin his reaction. He told me the US, because of tax cuts, still leads the global economy. But he acknowledged the rest of the G7 may disagree.
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Michael McKee Jun 2
Replying to @mckonomy
In fact, they do. I spoke to the finance ministers from the rest of the G7, many of the central bankers, the EC and Eurogroup representatives, and senior officials from the IMF. Unanimous that the US is mistaken and will pay a big price.
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Michael McKee Jun 2
Replying to @mckonomy
“This is a very severe problem for relations between the European Union and the United States,” German Finance Minister Olaf Scholz told me.
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Michael McKee Jun 2
Replying to @mckonomy
“We are very concerned. The economic effects of trade wars are very negative for all,” Bank of Italy Governor Ignazio Visco told me.
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Michael McKee Jun 2
Replying to @mckonomy
“It has been a tense and tough G-7. I would say it has been far more a G-6 plus one than a G-7,” French Finance Minister Bruno Le Maire told me.
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Michael McKee Jun 2
Replying to @mckonomy
“I think there was a comment out there that this was the G6+1. It was not. It was the G7...” Mnuchin said. He’s spinning. The US is more isolated than I have ever seen it in the more than two decades I have been doing this.
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Michael McKee Jun 2
Replying to @mckonomy
It was an astounding and depressing weekend. Trump’s assertion the US is more respected than ever around the world is 180 degrees from the truth. I was, frankly, shocked.
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Michael McKee Jun 2
Replying to @mckonomy
There is great anger and frustration around the globe that the world’s largest economy would forfeit its leadership for policies that don’t make economic sense, and that the rest of the G7 don’t understand.
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