They restored a vow to fight protectionism – the use of import taxes and skewed regulations that favor domestic producers over their foreign competitors. The no-protectionism pledge had been a part of previous G-7 statements but was omitted after a meeting of the group’s finance ministers’ earlier this month in Bari, Italy. This time the G-7 leaders reiterated a “commitment to keep our markets open and to fight protectionism.”
The Trump administration has argued that trade must be balanced and fair as well as free. His Treasury secretary, Steven Mnuchin, has said the United States reserves the right to be protectionist if trade arrangements are unfair to U.S. companies and workers.
Trump’s position appeared to be addressed by new language that said the member countries would be “standing firm against all unfair trade practices.”