The Strategist

France sums up the G7 summit 2019

08/28/2019 - 11:04

French President Emmanuel Macron summed up the G7 summit that ended in Biarritz. He spoke about a breakthrough in relations with Iran, a possible settlement of trade wars between the USA and China and the USA and Europe, and about refusal to sign an agreement with MERCOSUR.

The White House
The White House
Two days of negotiations at the G7 culminated in a joint declaration and final press conference which Emmanuel Macron attended together with Donald Trump. Anyone who could conclude that the US president is more important than all the other participants in the summit would be told that this is a transfer of authority. The current chairman of the meeting is presenting to the public the new one that will host the G7 in 2020 at its Florida estate.

However, Mr. Macron’s television appearance showed that America remains the most important and most problematic member of the G7.

It seems that the Europeans spent two days convincing Donald Trump to join the Allies, rather than defiantly go against them.

The French president considers the meeting’s “relaxation of tensions” with Iran and the hope that President Trump will sit at the negotiating table with Iranian President Hassan Rouhani a great success for the meeting. He admitted, however, that “the new treaty is still far away.” France, together with its European allies, would like to maintain a “nuclear deal”, of course, provided that Iran will “comply with its obligations”. According to him, the country “should never have nuclear weapons, and it should not destabilize the region.”

The second important topic for discussion in Biarritz was the trade war between the United States and China, which is ricocheting across the entire global economy. President Macron expressed the wish that "an agreement be reached," but admitted that it was too early to talk about a settlement in the absence of China.

Besides, the French president managed to agree with Donald Trump that Paris would adjust the decision on additional taxation of American digital giants (the so-called GAFA tax). This will help slow down the emerging trade conflict with the United States, which promised blow to French exports.

All participants of the summit recognized that the global economic system needs new regulatory mechanisms, and a new global tax treaty. And of course, first of all, the leaders of countries that fully control 40% of the global economy are interested in this.


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