President Donald Trump is considering a tariff of 20% on imports of steel and other goods, says Axios.
Don't expect him to apologize, though.
"Should the US introduce tariffs on European steel imports, Europe is ready to react immediately and adequately", European Commission President Jean-Claude Juncker told reporters Friday ahead of the two-day summit of leaders from major industrial and emerging-market nations.
But as Trump contemplates protectionism, Europe and Japan reached a landmark free trade agreement this week.
But U.S. officials were pressing language saying the United States would work with other nations to help them gain access to and use fossil fuels "more cleanly and efficiently".
Instead, they are learning to live with a sometimes capricious American president keen to redefine the West in his own nationalist image, who goes against the consensus of centrist, multilateral global politics, and who is not afraid to pull at the divisions existing within the European Union.
Germany's Angela Merkel treated the leaders to a concert at Hamburg's Elbphilharmonie on Friday night, where they listened to Beethoven while their aides began an all night slog aimed bridging differences with the administration of U.S. President Donald Trump.
But it didn't need a rare presidential press conference to make clear that the president's second trip overseas showed just how much he has reshaped America's role in the world since taking office six months ago.
Also looming over the gold price are the minutes of June's Fed meeting, which many awaiting for news about the Fed's plans for further interest rate hikes this year, Reuters reported.
Chinese steel now makes up 26% of the US market, and the USA and other countries have accused China of illegal steel dumping in recent years using the World Trade Organization (WTO) structure.
Also, invoking national security is all but taboo at the World Trade Organisation, the arbiter of worldwide trade rules, because it is largely seen as a way to wage economic warfare by citing arbitrary defense concerns.
Other deals at the summit included an agreement to press internet providers to detect and remove extremist content as a way of fighting terrorist incitement and recruiting.
- According to a new report, President Trump's aggressive stance on global trade may be working in America's favor.
Thus, the meetings exposed the widening expectations gap between the U.S. and Chinese governments, and led Trump to take action. In 2015, China produced 10 times as much crude steel as the United States. The official said the issue was consuming significant time. But there were conflicting accounts from each side over whether the President had accepted Putin's insistence that he had done nothing wrong.
The results of the summit aren't absolutely decisive, on either the trade or the climate issue.
The G7, which includes Canada, Japan, the US and several European countries, have called for a solution to global overcapacity in steel, and the European Union has previously accused China of steel dumping while levying duties of its own.
An assertive USA president willing to tear up existing deals. It also provided Putin the respect and importance he has long demanded as a global partner to Washington. "It's hard to see that this is a good policy for the US long term".
In a speech in Warsaw ahead of the summit, Trump sought to demonstrate that he wasn't overlooking Russian behavior. "Do we have enough respect for our citizens to protect our borders?"
"Unless the Chinese come forth with something they haven't offered-which I'm skeptical about-then, yeah, I think this will be a point of conflict", he said. Italian Prime Minister Paolo Gentiloni said steel "is a key question and an open one".
The president said that he expected a trade deal that would bolster Britain after its exit from the European Union could be agreed to "very, very quickly".