World Events Summary – 4th-10th July 2017

G20 Focal Point: much of the jostling for position among the largest economies in the world took place during and around the meetings. The highly anticipated first meeting between Trump and Putin occurred, with Trump apparently pushing on the issue of Russian electoral interference and being met with blanket denials. The primary tangible result of these talks was a new ceasefire in Syria. 

G20 Trade Talks: the EU and Japan announced, potentially prematurely, that they had reached a high-level agreement in favour of a trade deal. There are lots of details still to be worked out. The catalyst seems to have been Trump – with the US pushing Germany and Japan to reduce trade imbalances. Trump did make a splash by supporting Theresa May’s quest for a UK-US trade deal. 

G20 Steel Worries: a major concern for participants was the prospect of president Trump imposing some punitive measures against steel exporters. The EU offered to join actions against producers selling at less than cost but only if any measures exempt the EU. The Trump effort to push China to increase sanctions on North Korea is likely a key reason for the delay in announcing steel tariffs. 

China/Russia: an US$11bn in financing deals were agreed, helping Russia circumvent US sanctions.