Home Economy Trump At G-7 Closing Remarks: “We’re The Piggy Bank That Everybody’s Robbing”

Trump At G-7 Closing Remarks: “We’re The Piggy Bank That Everybody’s Robbing”

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President Trump’s 24 hours in Quebec while attending the annual G-7 Summit was every bit as confrontational as we imagined they would be. The president has enraged his fellow world leaders, insulted Justin Trudeau, who’s hosting the summit in Quebec and whom Trump repeated referenced as just “Justin”, and skipped a meeting with French President Emmanuel Macron.

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German Chancellor Angela Merkel has attacked him and vowed to challenge his “America First” trade agenda while also confronting him about his climate stance – something that might be difficult to do, since Trump left this morning after he said he would skip  discussions about climate change Saturday night.

Trump also showed up late to a gender-focused breakfast meeting, billed by the event’s Canadian organizers as a chance for leaders to “draft concrete actions for the G-7 to advance gender equality,” according to CBC. Isabelle Hudon, Canada’s ambassador to France, was making opening remarks when Trump and a flood of press pool members arrived and interrupted her.

As Trump quietly took his place between Christine Lagarde, head of the International Monetary Fund, and Lt.-Gen. Christine Whitecross, the Canadian head of the NATO college in Rome, Trudeau restated his welcome and Hudon repeated her remarks.

Then there were his controversial remarks. Early on, Trump suggested that the G-7 should consider readmitting Russia, which was kicked out in 2014 for its activities in Crimea. Trump instead blamed those on Obama. Also on Friday, Trump floated the idea of ending all tariffs and trade barriers between the US and its allies – a pitch that wasn’t exactly expected, according to Politico. Trump offered the proposal at the end of a “contentious” meeting on trade disputes. Most G-7 members remain furious with Trump over his decision to impose tariffs on aluminum and steel imports, and his threats to impose more trade restrictions. Merkel responded positively to Trump’s suggestion, saying she would consider it.

“We should at least consider no tariffs, no barriers — scrapping all of it,” Trump said, according to officials who were listening and taking notes.

Before leaving for his meeting with Kim Jong Un, Trump provided an update during a live press conference with Larry Kudlow and John Bolton. First he thanked Trudeau and praised Canada as a “beautiful country” before launching into a summary of issues starting with trade. Though he walked away without signing the US on to the traditional post-summit agreement (providing more fodder for critics who sneered about the G-6 + 1), Trump insisted that the G-7 was “tremendously successful” and despite trade tensions “relationships are outstanding.” He adds that the tariff situation is “going to change, 100 percent” as the US is “like the piggy bank that everyone robs”.

During his talk, Trump alternated between stream-of-conscious rambling about trade, Russia and North Korea and taking questions from reporters.

On trade:

“We had productive discussion on having fair and reciprocal” trade and market access.

“We’re linked in the great effort to create a more just and prosperous world. And from the standpoint of trade and creating more prosperous countries, I think they are starting to be committed to more fair trade. We as a nation lost $870 billion on trade…I blame our leaders and I congratulate leaders of other countries for taking advantage of our leaders.”

“If they retaliate they’re making a tremendous mistake because you see we have a tremendous trade imbalance…the numbers are so much against them, we win that war 1000 times out of a 1000.”

“We’re negotiating very hard, tariffs and barriers…the European Union is brutal to the United States….the gig is up…there’s nothing they can say.”

“We’re like the piggy bank that everybody’s robbing.”

“I would say the level of relationship is a ten – Angela, Emmanuel and Justin – we have a very good relationship. I won’t blame these people, unless they don’t smarten up and make the trades fair.”

On eliminating trade barriers:

“That’s the way it should be. No tariffs, no barriers – no subsidies.”

“You go tariff free you go barrier-free you go subsidy-free – that’s the way we learned it at the Wharton School of Finance. We can’t have an example where the US is paying fees of 270%.”

Then “Worst, Fake News” CNN asked President Trump how disastrous his trade policies are and how his actions are hurting relationships… to which he replied very informatively, ending “so you can tell that to your fake friends at CNN…”

On North Korea:

“I feel that Kim Jong Un wants to do something great for his people…he’s got an opportunity that, if you look back into history, few people have ever had.”

“This is a great opportunity for peace and lasting peace and prosperity.”

“It’s going to be something that’s always spur of the moment…this is an unknown personality many people don’t know.”

“You know how they say you know whether you’ll like somebody in the first five seconds? I think I’ll know pretty quickly whether we’re going to make a deal.”

On Russia:

“Some people like the idea of bringing Russia back in.” 

Asked if Crimea should be considered Russia now:

you’d have to ask President Obama because he’s the one who let Crimea get away. He allowed Russia to take Crimea. I may have had a much different attitude.”

Trump is now making the 20-hour flight to Singapore, where he will attend a historic summit with North Korea leader Kim Jong Un. We’ll now keep our eye out for the finalized communique from the group. The US is typically a leader in the crafting of the statement. But this time, it’s unclear if the US had any input at all into the statement, as only the leaders from Britain, Canada, France, Germany, Italy and Japan as well as the presidents of the European Commission and European Council remain at the meeting. But regardless of who writes it, the statement will probably be of little consequence, as UBS points out:

Several heads of state will be heading off on a taxpayer-financed “mini-break” in Canada today. In all of its incarnations (over the past four years, we’ve gone from G-8 to G-6+1) the group hasn’t really accomplished much since an initial burst of enthusiasm with the Plaza Accords and Louvre Accords in the 1980s.

And this meeting likely won’t be any different.

 

15 COMMENTS

  1. trump was blunt and honest. we give away the ranch. no or low tax or tariff while they deny us entry or tax us to high heaven. milk and ddiary to canada 270% tarrif, canada to usa, zero tarrif. that is just one example. cars from eu 3%, usa cars to eu 10%. nothing is fair for us. trump proposed zero for all . that blew their minds. no tarrifs.

  2. The only people who could possibly agree with these lopsided trade deals are those that sold out America and stand to benefit personally for it!!! The Clintons have had their hands in the China cookie jar for decades!!! These crooked trade deals allowed America to make China a world economic and military power, And who will China use its military against, America of course!!!! So what sense does it make to continue on this lopsided trade deal insanity?!!!

  3. You morons can challenge all you want but Trump is looking out for our Country that you people have been robbing for years. Just because he’s closing the bank so you won’t take advantage of us anymore is his right. If you don’t like it don’t trade with us anymore, we’ll get by without you, but can you get by without robbing us anymore? Trudeau need’s to watch himself, he’s got a 270% tariff on our dairy and he think’s that’s fair only because he’s on the winning end, NOT anymore. Canada in my opinion is as worthless as tits on a bull. Mr. Trump you’re doing the right thing for our Country, don’t give in to these selfless thugs.

  4. FINALLY A PRESIDENT WHO KNOWS WHAT HE IS DOING, AND HAS THE SPINE TO MAKE IT HAPPEN THANK GOD FOR PRESIDENT TRUMP!

  5. I command President Trump for taking a stand against the unfair international tariffs and trade barriers, etc. He continues to put American economic interests first!

  6. Well said, it seems as if for the most part the USA has basically responsible for a tremendous amount of prosperity in many countries.
    This in essence has led to the monetary demise of the USA and during Osama Obama’s 8 years in office approximately doubled, from ten to twenty trillion dollars, which President Trump is trying to correct. Please, do not misunderstand, as I know there are people who do not like the way he does things, but for the most part, he is achieving results.
    I look at myself before criticizing anyone else, because you never know exactly what you would do if put in the same position. President Trump has accomplished an incredibly good things while in office this far and this is while dealing with the fake news, FBI, DOJ, Soros, and the irrefutable damage done by Obama and the Clinton’s. What would he have achieved if we took all those entities away? I really do not believe that anyone can answer this question, but I do believe you would be naive in not thinking President Trump would have accomplished much more.
    If we want to make America great again, then we have to help President Trump, by ensuring that his administration as well as we the people are behind him. Do not be scared or maybe apprehensive is a better word, to contact your representatives and remind them, that they are an extension of your arm and as part of “We the People”, this is what I want to see happen. We have to be proactive in every decision we make today. Thanks for listening to me and whether you agree or not(which is your right), please before you vote, make a political decision, or say something, ask yourself how this will effect yourself, all Americans, making America great again and last but not least, bring Americans the ability to make their standard of living(which is starting) much better in future years. Thanks for listening.

  7. Your coverage of the G7 Summit shows a distinct desire on your part to discredit and attack our President.

    I shall hereafter get the news from sources other than yours.

  8. Bad boy “Donny” Trump is just a political bully looking for a scapegoat for all of the U.S. economical problems created by its own leaders. Now he is looking outside of the U.S. to pin the blame onto for the disasters that its own business leaders and the Illuminati has dragged them into. As a result, Donny is making enemies by the thousands, and as a result, people are hating not only the U.S. but it’s people for electing such a moronic bully. Wake up, Americans and smell the roses.

    • GOD BLESS President Trump for not wanting to see the foreigner countries shafting our USA anymore…..He is right about those foreign traitors that want to CHARGE us, but do not want to be charged for the same thing…….They are worse than the muslims and mexicans with their hands out and a mouth full of “GIMMEES”……..

  9. Desiring a level playing field is not starting a trade war. Just where would the EU be without the USA? It was America getting into WWII that saved most of those countries now bitter about America wanting fair free trade. Free trade cannot be free unless it is fair. Canada is also indigent over President Trump’s desire for our trading partners to be fair. However, they have been exposed for exactly what they are and if we had more friends like them and Mexico we would have nothing but enemies even in our hemisphere.

    Our tax base is effected greatly by the tariff’s imposed on our goods we export. Yet we apply “nearly no” tariff’s in return on imported goods. That must change. As President Trump has said the goal is no tariff’s on any exports or imports. Now that is unencumbered free trade. Which should be everyone’s goal. It is an absolute fact foreign tariff’s cost us jobs and effect our manufacturers bottom line which in turn cost us tax revenue. And in the final analysis that will change under the Trump administration. The reason past presidents did not either see that or move to correct it is exactly what causes the resistance to change now it is called the business round table and chamber of commerce as well as the big bankers.

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