The US poses the risk of destabilizing the global economy

French Finance Minister Bruno Le Meir said that by introducing import duties on rolled steel and aluminum for partners, the United States risks destabilizing the world economy. “In a clash with America, the Europeans will gain nothing if they show weakness,” he added.

On Friday, steel and aluminum tariffs began to operate, which the United States imposed, but suspended until the end of May. The European Union has demanded a permanent exclusion of tariffs from the program of trade relations, which could not be agreed with the administration of President Donald Trump.

Le Maire, who spoke to reporters during a meeting of G7 finance ministers in Whistler, Canada, said a situation was approaching where "unfortunately, there will be a G6 plus the US alone against everyone."

He stressed, however, that the Europeans would gain nothing if they showed weakness; "An American president will never respect weak Europeans."

Le Maire also said that during the meeting, the G7 will inform the US Treasury Secretary that the US tariff decision is unacceptable, unfair and economically dangerous. The French minister also intends to talk with him about US sanctions against Iran and will seek to exclude certain companies from them.

Le Maire announced that the issue of trade conflicts will dominate the Whistler meeting because "the stake is high." He also stressed that the tariffs levied on European countries are "unfair because these countries are America's allies."

He added that the trade war that Washington's customs decisions could lead to will limit economic growth and thus lead to job losses and economic prosperity in both the United States and Europe.

Le Maire also said he expects to meet with Italy's new finance minister, Giovanni Tria, to talk with him about strengthening the eurozone.