Op-ed:
Takeaways and Ramifications of the Recent G7 Summit
By: Diane Sori / The Patriot Factor / Right Side Patriots on American Political Radio
He came...he saw...he conquered...at the G7 Summit in Barrittz,
France that is. And by
“he” I mean President Donald J. Trump, for the
“master of the deal” surely made America the
"winner" once again.
The G7 summit...a gathering composed of the most advanced economies
in the world as in the United States, France, Canada, Germany, Japan,
Italy, and the United Kingdom...got off to a bit of a rocky start with
President Trump
“strongly requesting,” at last Saturday's formal dinner,
that its members allow Russia back into the economic fold after being
removed back in 2014 for its
“illegally” annexing Crimea. And the G7
members response...
“Most of the other leaders insisted on this being a
family, a club, a community of liberal democracies and for that reason
they said you cannot allow president Putin—who does not represent
that—back in,” so said the summit's ever foolish host French President
Emmanuel Macron to President Trump.
But his words did not speak for Italian Prime Minister Giuseppe Conte
who was the only G7 member to support President Trump’s rightful
position. And this man, who, as I write this, attended in what's called a
“caretaker roll” as he soon will be stepping down from his position,
also agreed with our president that Vladimir Putin should be in on the
group’s discussions about Iran, Syria, and North Korea. Smart man Conte
is...too bad Italian politics have basically forced his resignation.
But why is President Trump right in his stance on Russia returning to
the G7, making it the G8 once again...simply because in today's heated
political world...a tinderbox world rife with those ready to kill us
all...common sense alone should dictate that it's better for Russia, the
world's number two super power, to be if not an actual friend at least
be a de-facto partner of sorts.
So while Trump didn't win on Russia he did, as per the White House,
end on a high note in five key areas, with those areas being sending a
message of economic unity; the U.S. securing of a framework
billion-dollar trade deal with Japan; promoting the
"United
States-Mexico-Canada Agreement" (USMCA); developing stronger trade with
Europe; and helping to reduce India-Pakistan tensions. And let's not
forget the one
“win” Democrats feared most...the
“win” that will not
only soar economically above all the others, but it's a
“win” that will
assure President Trump a well deserved second term in office. And what
exactly is that
“win”...it's that China is now on the verge of
economically bowing to President Trump, if you will, as the tariffs he
imposed on them are taking their rightful toll.
Rightful toll you ask...yes...as in remember that it was and still is
we the American consumer who basically paid for the
"modernization of
China" with our buying of their goods all while they willingly chose to
undercut American goods of better quality...albeit goods with a higher
price tag. Time for a little payback I'd say...time to admit that
sometimes tariffs do work.
But before I get into more details involving China, lets step back a
bit and focus first on President Trump and Japanese Prime Minister
Shinzo Abe announcing that our two countries had agreed to the
“framework” of a trade deal. This trade deal involves Japan buying excess corn
from U.S. farmers; Japan lowering tariffs on imported U.S. beef and
pork exports to the same levels as those proposed for the Trans-Pacific
Partnership, which is around 9% down from the current 38.5%; all while
keeping in place, for now anyway, the U.S. import tax of 2.5% and 25%
respectively on the $50 billion worth of Japanese automobiles, trucks,
and parts Japan exports to our country annually.
So why is Japan agreeing to this...simply because Japan is trying
hard to stay in Trump’s good graces, if you will, in order to avoid even
costlier tariffs while retaining their
“positive relationship” with its key
ally the U.S...an ally Japan knows well ensures its security against
both China and North Korea. And Japan is also hoping to secure U.S. support in their ever ongoing
“diplomatic spat” with South Korea...an escalating so nasty
“spat”
over Japan’s
"conduct" towards Korea during World War II that has now
turned into a full-blown feud over trade and national security.
And both President Trump and Prime Minister Shinzo Abe hope to
get this what is now
“framework” deal finalized and signed by September, when
again they meet, this time in New York City for the next United Nations
General Assembly. And once signed, this deal with Japan would give
President Trump an actual tangible victory in the current trade war with
China...a trade war that saw China announcing new tariffs on $75
billion of U.S. goods in retaliation for Trump's existing 25% tariffs on
some $250+ billion in imports from China being raised to 30% come
October 1st.
But like I stated earlier, China...the very country Trump has
long accused of currency manipulation and carrying out flagrant
intellectual property theft...that country seems to be wavering a
bit...as in being on the verge of actually starting to comply for as per
White House Chef Economic Advisor Larry Kudlow,
“The largest part of
the economic burden of the tariffs has fallen on China.” No truer words
spoken as China's currency, the yuan, has sunk to an 11-year low...a low
not seen since the 2008 world financial crisis..and this is no matter
that the Chinese government itself, not the free market, sets its
currency's value against the dollar. Also, China has lost some five
million jobs and two million manufacturing jobs since the newest round of
tariffs took hold while our economy remains strong as it's 50% larger
than China's and relies much less on imports and exports...key elements
to consider when determining who will actually
“win” any given trade
war.
So why exactly are the U.S. and China closer to resolving their
trade dispute especially when their differences are rooted in deeply
entrenched domestic politics within both countries? Why...because of
President Trump's
“long term” economic approach to China instead of his
ignoring China's
“fingers crossed behind their back” G20 commitment to
fair trade...an anything but commitment that saw China
“dumping” their
goods below cost into our U.S. markets something past presidents,
especially Obama, have ignored. And this dirty tactic is now backfiring
on China thanks to President Trump's regulations overhaul which sees
major American manufacturing companies returning home to the U.S., thus
creating jobs here instead of over there. And this in turn is greatly
hurting China's economy while boosting our own.
America and Americans first...as it should be...as it always must be.
So while China has lodged a formal diplomatic complaint what with
Trump's latest tariff increases looming, both sides continue working
behind the scenes to
“rebalance economic relations” and move towards a
trade war truce that is not only enforceable but a deal that would allow
China to
“save face.” Remember, as the world's third largest
superpower, China cannot afford to appear weak in the eyes of the world
even if President Trump appears strong...which he does. And let's not
forget that China's
“dumping” tactics aren't sitting too well with the
Europeans either...meaning it's to China's advantage to
“play nice”
with the U.S. or else risk economic collapse.
Another G7
“win” for President Trump and hence the U.S., came
during his side-line meeting with India's Prime Minister Narendra Modi.
During this meeting President Trump publicly acknowledged India's role
as a critical partner in the ongoing war in Afghanistan, reaffirmed the
need for
“dialogue” between India and Pakistan, and saw both he and Modi
speaking of resuming bilateral trade negotiations...trade negotiations
that got somewhat derailed after Washington removed the Generalized
System of Preferences (GSP) for Indian exporters.
This action saw India imposing retaliatory duties on 28 American
products in response to the unilateral increase in import duties on
India’s aluminum and steel, but that now seems like water under the
bridge because after the meeting Prime Minister Modi tweeted this,
“Excellent meeting with Donald Trump. We had useful discussions on
bilateral matters. We agreed to address trade issues for mutual benefit
soon. Looking forward to expanding cooperation as large democracies for the
benefit of our citizens and global peace and prosperity.” Says a lot
now doesn't it. And not to be overlooked is India's new trade deals and
ties with the Jewish State of Israel, which also helps to solidify our
ties to India and India's ties to the U.S.
Yet another
“win” came when President Trump, with Canadian Prime
Minister Justin Trudeau by his side, talked about the importance of
expanding America's trading partnership with its neighbors by passing
the United States-Mexico-Canada Agreement (USMCA). And with both Canada
and Mexico having essentially finalized the deal...the replacement to
NAFTA (the North American Free Trade Agreement), Trump strongly noted
that it was time for U.S. lawmakers to do the same...after all it's a
deal where America and Americans see the most economic benefits.
But I can't speak or write this article about the G7 Summit without
mentioning the more than rightful concern of our president when host Emmanuel
Macron, on behalf of the French government, had the unmitigated gall to
invite to the summit and who then showed up, but Iran's Foreign Minister
Mohammad Javad Zarif. Saying to reporters that his invitation intent was
to
“deescalate nuclear tensions in the Middle East,” saw President Trump
responding to the reporters that,
“we’ll do our own outreach.” And pray
tell how does Macron's inviting the prime minister of the world's
leading sponsor of terrorism have anything to do with economics
especially in light of his previous words in regards to Russia that this
meeting is a meeting of
“...a family, a club, a community of liberal
democracies...” Simply, it does not as neither Iran nor its prime
minister fit into any of those categories.
So why did Macron really invite Zarif to the summit? The answer
is simple...while President Trump did know ahead of time about the
invitation and let Macron know in no uncertain terms that he would not
meet with Zarif, the fact is Macron did what he did, contrary to media
reports, to annoy and try to discredit President Trump as well as to
slap our country in the face. Trying to
“trump Trump” as the big boy at
the summit, Macron failed miserably as he showed himself as both
catering to Iran and using Zarif for his own political purposes what
with his poll numbers tanking by the day.
The islamist condoner using an islamist...hope the French people
wake up and see reality...France remaining French depends on it.
So there you have my take on this years G7 Summit. Next year the summit will likely be here in the U.S... probably at The Trump National Doral grounds in Miami, Florida...and I'm sure Russia's Vladimir Putin will be in attendance...as he most assuredly should have been this time around.
Copyright @ 2019 Diane Sori / The Patriot Factor / All Rights Reserved.
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For more political commentary please visit my RIGHT SIDE PATRIOTS
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