French President Emmanuel Macron said on Saturday he hoped to convince G7 leaders to pull back from a trade war which is already destabilizing economic growth around the world.
“(I want) to convince all our partners that tensions, and trade tensions in particular are bad for everybody,” Macron told the French in a televised address.
“We must succeed in reaching a de-escalation, stabilise things and avoid this trade war which is already taking place everywhere,” he added.
Macron said G7 countries should also engage in economic stimulus to prevent world economies from falling into recession.
“We must find new ways to launch real stimulus, stimulate growth,” Macron said, pointing at rock-bottom interest rates which he said should spur countries with budgetary room for maneuver to invest in education and job-creating initiatives.
US President Donald Trump landed in the Atlantic seaside resort of Biarritz in southwestern France on Saturday for a G7 summit that will likely expose deep rifts over a clutch of issues such as global trade, climate change and taxing big tech.
Trump arrived in Biarritz a day after lashing back at a new round of Chinese tariffs by imposing an additional 5 percent duty on some $550 billion in targeted Chinese goods in the latest tit-for-tat trade war escalation by the world’s two largest economies.
Trump also repeated his threat to tax French wines in retaliation for a new French levy on digital services, which the US president says unfairly targets US companies.