Europe warns Trump: trade wars will destroy global economy

Europeans have warned US President Donald Trump on Saturday that his country will be hit by trade wars that will destroy the world economy.

"Trade tension is bad for everyone," French President Emmanuel Macron, who is hosting the summit in Biarritz, said in press statements.

"Trade wars will lead to deflation, while trade agreements strengthen the economy," said Council President Donald Tusk.

The three-day G7 summit is being held in the French resort of Biarritz on the Atlantic Ocean, amid sharp disagreements over a range of global issues that could further divide countries making strenuous efforts to speak with one voice.

Johnson attacks Trump
Although this was not expected, the new British Prime Minister Boris Johnson also attacked the American president, who aspires to reach a major trade agreement with him after the implementation of Brexit.

Johnson said he would tell Trump about the need to back down through a trade war that is already shaking economic growth around the world.

"That is not the way to go," he said. "Regardless of everything else, those who support the imposition of tariffs will be held responsible for the global economic downturn, even if that is not the case."

Johnson also urged Trump to remove the major barriers that British companies face in US markets, saying these barriers threaten a free trade agreement between the two countries after Brexit, he said.

"It is very important that if we are going to have a wonderful free trade agreement, it will work for British companies," Johnson told the press.

In the view of Johnson and other supporters of Brexit that the conclusion of a trade agreement with Washington is essential for the success of Brexit; which creates new opportunities for British companies.

But the issue could also turn into a point of contention between Johnson and Trump, despite their good relationship.

Fueling the trade war
A day before he arrived in France, the US president once again stoked the trade war in which the United States and China are facing, damaging the global economy.

Beijing announced a new tariff on US goods worth $ 75 billion. Trump responded by announcing a new increase in duties on Chinese products imported into the United States, bringing the total value of Chinese goods to be taxed at $ 550 billion by the end of this year.

A spokesman for the Chinese Ministry of Commerce responded Saturday by saying that the United States "will bear the consequences of its actions."

Besides the global economy, trade wars and Britain's exit from the EU, the G7 summit will discuss cooperation in combating Amazon forest fires, combating violence against women, affirming the principle of gender equality and digital transformation, as well as regional and international issues such as Ukraine and Syria. And Iran.