Jun 11, 2018

Merkel: Trump's G7 message withdrawal is "sobering" and "depressing"

German Chancellor Angela Merkel looks towards President Donald Trump during a working breakfast at the G7 summit on Friday. Photo: Leon Neal/Getty Images

German Chancellor Angela Merkel on Sunday called President Trump’s abrupt decision to withdraw support for a G7 communique “sobering and a bit depressing” and cautioned that the European Union, like Canada, will impose counter-measures against U.S. tariffs on steel and aluminum, per Reuters.

The details: Her remarks add to the international backlash over Trump’s surprise withdrawal from the G7's joint message via Twitter on Saturday en route to Singapore for a summit with North Korean leader Kim Jong-un. Merkel said in a televised interview that the G7 debacle didn’t mark the end of transatlantic partnership between Europe and the U.S., but added that Europe will not rely on the U.S. and will take steps to protect its own interests.

Another key highlight: Merkel said that Russia should be allowed to rejoin the G7 only when a peace plan for Ukraine can be implemented.

  • Ahead of the G7 summit, Trump told reporters that Moscow, which was ousted in 2014 from the group of leading industrial countries for annexing Crimea, should be reinstated — reforming the Group of 8 (G8).

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Stocks fall more than 3% as coronavirus cases spike

Photo: Johannes Eisele/AFP via Getty Images

Wall Street had its worst day in two years on Monday, following a spike in coronavirus cases in South Korea and Italy. The S&P 500 fell 3.3%, the Nasdaq Composite fell 3.7% and the Dow Jones Industrial Average sunk 1,030 points (3.5%).

The big picture: This is the U.S. stock market's biggest reaction thus far to the coronavirus, which has largely shrugged it off as a threat to the global economy (though the bond market has not). While the S&P is down from record highs — which it notched last week — the index is still above lows touched earlier this year.

This story is breaking news. Please check back for updates.

WHO won't call coronavirus a pandemic as cases spread

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The World Health Organization will not yet call the coronavirus a pandemic, claiming that needs across affected countries are too varied and the classification would increase fear, per a briefing Monday.

The big picture: As South Korea and Italy stepped up emergency measures in efforts to thwart the spread of the virus, WHO expressed concern about infections with no clear link to China. COVID-19 has killed at least 2,620 people and infected almost 80,000 others, with all but 27 deaths occurring in mainland China.

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