G7 summit: US has sidelined itself

BDI President Dieter Kempf rates outcome of G7 summit in Italy as disappointing. The seven biggest industrialised nations failed to send a signal for more unity. Europe must now take more responsibility on the global level.

“The G7 summit failed to take a stance for greater unity and defend free trade and global agreements on climate protection. The US has sidelined itself. The minimal consensus that was achieved against protectionism falls far short of what we were hoping for. Industry, both in Germany and worldwide, needs clear rules and a reliable business environment. Europe now has to take on more responsibility and play a more active part in shaping international trade rules.

However, the US remains a key partner and transatlantic trade is still enormously important for Europe. It is therefore all the more urgent that talks continue on a more intense level now to ensure that the G20 summit in Hamburg will bring the results we need.”