The G-7 Summit in France

The G-7 Summit in France

Written by: PaxForex analytics dept - Tuesday, 27 August 2019 0 comments

The three day G-7 summit it France is behind us. Prior to the start, many analysts wondered if it would be a G-7 summit or a G5+2, with the US and the UK forming the +2. It is still unclear as there have been conflicting messages, but French President Macron tried to end the summit on a positive note in what some now refer to as “Macron’s Iranian Drama”. After US President Trump pulled out of the Iran nuclear deal, tensions with Iran have increased. The UK seized an Iranian oil tanker, Iran retaliated, drones were shot down and Iran has pressured France to get the US back to the deal or everything which was previously negotiated is off the table.

At the end of the summit, Macron attempted to the get the US and Iran to sit down and talk. He juggled flattery with facts when dealing with Trump in order to create a working environment with him. He offered the US the lead role in the failed Iran nuclear deal and stated “I’m convinced a deal could be found if Rouhani and Trump meet.” Trump reluctantly acknowledged that he would meet Rouhani if the circumstances were right, echoing his approach before he met North Korean leader Kim. President Rouhani noted that Iran will not agree to a meeting unless the US removes all sanctions. Macron’s political maneuvering appears to have yielded a short-term victory for the time being. Trump is also known to change his mind and so the Iranian drama extends.