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Topline: As the G7 summit wraps up today, with markets poised to react after last week’s devastating performance, President Trump was center stage in a host of G7 issues this weekend, ranging from trade to supposedly wanting to stop hurricanes with nuclear weapons — here’s the 5 key takeaways:
- Trump gave the world whiplash this weekend, as he seemed to express regret over escalating the trade war with China, but his aides walked that comment back. That being said, the U.S. will apparently sign a new trade with Japan at an upcoming NATO meeting and talks are back on with Beijing.
- Stocks appear set for a higher open Monday, as Japan and China trade optimism will ease investors’ concerns about economic instability caused by tariffs.
- Leaders agreed to assist in fighting the devastating Amazon rain forest fires after outcry from Pope Francis, and a show of support from Trump and U.K. prime minister Boris Johnson. Aid of $20 million was announced Monday by French president Emmanuel Macron.
- The president said several times he wants Russia to rejoin the G7. That can’t happen unless all member nations agree, and they are unlikely to unless Russia reverses its annexation of Ukraine (which was what got Russia thrown out in the first place).
- Iran’s foreign minister made a surprise appearance to discuss the 2015 nuclear deal, but Trump declined to meet with him. (Trump claimed he knew ahead of time and gave Macron permission for Iran to attend.)
What to watch for: How the summit wraps up today and what reaction the markets will have — they tend to swing wildly up or down based on Trump’s comments and tweets. And keep in mind that Trump’s working to avoid a recession (and even to acknowledge that one might actually happen).
Tangent: Next year’s summit will be at a … Trump golf resort? Trump said he floated the idea of Miami in a meeting with German chancellor Angela Merkel, citing the close proximity of its airport, as well as his Doral golf resort. “They love the location of the hotel,” he said, with “they” referring to the G7 leaders.
Surprising fact: The 2019 G7 summit will be the first in the organization’s history to not issue a joint agreement, also called the joint communiqué. The Washington Post reported that France has given up on drafting a joint statement for this year’s summit, given how far the U.S. has drifted from the rest of the world leaders on a number of issues.
Key background: “G7” is shorthand for Group of Seven, referring to its member nations: the U.S., Japan, the U.K., France, Germany, Canada and Italy. It meets every year to discuss economic policy. Trump has been more active at this year’s summit. (He left the 2018 summit suddenly and refused to sign the joint agreement.)
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