Some say that Mr Trump’s behaviour at the G7 meeting last week-end showed contempt for the international rules-based system that many people in financial markets and the media admire. It is true that Mr Trump complained Russia was not present, inserted special prose about his energy and tariff policies and decided he did not agree with the communique after it had been issued. He showed he thought going off to his bilateral meeting with the North Korean dictator was more important than the very general conclusions of the G7 summit. The G7 official statement ranged widely over world economies and affairs but lacks clout if the USA does not agree with it.
The summit conclusions began with a paean of praise for ‘a rule-based international order’, whilst the USA is imposing tariffs on grounds of national security and breaking the rules of diplomacy.
The West is right to insist on rules-based markets.
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