Trump, G-7 leaders to open summit focused on world economy

President Donald Trump smiles while speaking during a Presidential Medal of Freedom ceremony for former NBA basketball player and coach Bob Cousy, of the Boston Celtics, in the Oval Office of the White House, Thursday, Aug. 22, 2019, in Washington. (AP Photo/Alex Brandon)

WASHINGTON — President Donald Trump and other leaders of the world's most industrialized nations will open their annual G-7 summit over the weekend by discussing the global economy.

White House officials said Thursday that the session was added to Sunday's schedule at the last minute at Trump's request.

Trump insists the U.S. economy is strong despite fears that a recession may be on the horizon. At the same time, global economic growth has slowed due to weakness in Germany, Europe's largest economy, and a pronounced slowdown in China, the world's second-largest economy, as it remains locked in a tense trade standoff with the U.S.

The dour global outlook is partly a reflection of Trump's combative approach to trade with China and other nations he has hit or threatened to hit with tariffs.

Trump and the six other leaders of the Group of Seven nations will begin meeting Saturday for three days in the southwestern French resort town of Biarritz. France holds the 2019 presidency of the G-7, which also includes Britain, Canada, Germany, Italy and Japan.

Leaders are to meet at an informal dinner Saturday, where they are expected to discuss foreign policy and security issues before more formal working sessions Sunday and Monday.

Trump is also scheduled to meet on the sidelines of the summit with several world leaders, including French President Emmanuel Macron, Japanese Prime Minister Shinzo Abe, Indian Prime Minister Narendra Modi, German Chancellor Angela Merkel and Canadian Prime Minister Justin Trudeau.

Boris Johnson, Britain's new prime minister, will also have his first face-to-face meeting with Trump, a personal friend, since taking office a few weeks ago.

Trump also plans to raise the issue of a landmark tax France is imposing on major tech companies like Google and Facebook despite Trump's threats of retaliatory tariffs on French wine. The French government has said the tax is meant as a temporary measure pending the conclusion of negotiations on an international deal France wants to work out with the U.S.

The tax is designed to keep multinational corporations from avoiding taxes by setting up European headquarters in low-tax European countries. Currently, companies such as Google, Amazon, Facebook, Apple, Airbnb and Uber pay very little tax on their significant business in countries like France.

The Trump administration says the tax is discriminatory against U.S. business.

You may also interested in

Rio Olympics over, final decision on Brazil president looms

Aug 24, 2016

After the party, the hangover: With the Rio Olympics fading into memory, Brazil returns to longstanding political divisions and prepares for a final Senate vote on whether to permanently oust its embattled President Dilma Rousseff

German business confidence drops unexpectedly, survey shows

Aug 25, 2016

A closely watched survey shows that business confidence in Germany, Europe's biggest economy, has dropped unexpectedly as managers' assessment of both the outlook and their current situation darkens

Global stocks lower, except for Tokyo, on Yellen speech

Aug 29, 2016

Most global stocks slipped Monday on remarks from the U.S. Federal Reserve late last week that the case has strengthened for raising interest rates, but the Tokyo market was an exception and gained on prospects for a strong dollar

Broaden News
Search

Manage The Numbers is the world’s fastest-growing finance news website, featuring the latest money and market news, along with in-depth analysis so you can make the best decision.

Contact us: sales@managethenumbers.com

Subscribe to our newsletter!

Name

Email