Finance ministers of the world's wealthiest nations at the G-7 summit, trade wars in focus

Istanbul, June 8 (DHA) - Finance ministers of the world's wealthiest nations will meet at the G-7 summit Friday in Quebec.
In addition to the U.S., the G-7, or Group of 7, consists of Canada, France, Germany, Italy, Japan and the U.K. — all countries that have been hit by the Donald Trump administration's sweeping tariffs on steel and aluminum exports.
The EU, Canada and Mexico have announced retaliatory tariffs on American goods, continuing along a trajectory many economists fear will lead to an all-out trade war
A daily research note from High Frequency Economics published Tuesday said that, "We are not counting on that uncertainty suddenly disappearing, but we are assuming that negative fallout on growth will remain limited. We are assuming that a full-fledged trade war will be averted.”
Canadian Prime Minister Justin Trudeau publicly called Trump's tariffs "insulting" and "totally unacceptable," and the American president recently held a phone call with his French counterpart Emmanuel Macron that was described as "terrible." Meanwhile, White House economic advisor Larry Kudlow placed the blame squarely on U.S. trade allies and insisted that Trump would not back down.
Trump's trade threats have already cost $1 trillion in stock market value, according to a J.P. Morgan strategist, and the World Bank warned recently that increased tariffs would set global trade levels back to those of the 2008 financial crisis.