Analysts at Danske Bank explain that the highlight of the weekend was the G7 meeting and at first, all G7 leader seemed to endorse a common communique.

Key Quotes

“After comments from Canada s Prime Minister Justin Trudeau at a press conference, where he said that Canada would impose tariffs on US imported goods on 1 July, US President Trump withdrew his support from the common statement.”

“Further, Trump lashed out against the EU for unfair trade partnership. Later, White House economic advisor Larry Kudlow referred to Trudeau's comments as 'stabbing us in the back' and 'a betrayal'. Trump also suggested on Twitter that the US will look at tariffs on the automobile industry. This will be met with concerns in e.g. Germany, which has a big car exporting industry.”