Imagine the scene: La Malbaie, Quebec, 2018. The world’s most powerful leaders gather at a luxury hotel.

This would be the latest chapter in a story that began in 1975, when leaders from the United States, France, the United Kingdom, Germany, Italy and Japan came together to address global economic crises.

Canada joined the following year, forming the G7, a group that has met annually ever since to tackle the world’s most pressing challenges.

The mood in 2018 is tense. President Donald Trump, fresh off imposing new tariffs on steel and aluminum, sits across from his counterparts — many who are fuming.

Trump, ever the disruptor, tells reporters he wants “no tariffs, no barriers, and no subsidies,” underscoring how America’s been treated, with other nations imposing steep tariffs and barriers on U.S. goods while the U.S. maintains relatively open markets.

The summit ends with a joint communique, but the undercurrent of division is unmistakable.

Fast forward to 2025, and the stage is set for another dramatic G7 showdown — this time in Alberta.

Trump returns to the G7 stage, determined to settle trade disputes that have simmered since he re-entered the White House in January.

With his 90-day suspension on reciprocal tariffs set to expire on July 8, the pressure is on for America’s allies to come to the table with real offers.

For now, all eyes are on Alberta, where the fate of global trade could be decided in the shadow of the Rockies.

Your Rundown for Monday, June 16, 2025...

A Pilfered “Piggy Bank” No More

This year, the usual script has been tossed. There will be no traditional joint statement — a first in decades — because leaders are too far apart on key issues.

The mood? As one former U.S. ambassador puts it: “Everybody just wants to survive. There’s not a lot of interest in making deals.”

That said, Trump is not backing down. He’s holding a series of meetings, pushing hard for deals that put America first.

He’s comfortable with the idea of tariffs if that’s what it takes to get results; however, he’s also open to progress — if allies prove they’re serious.

But make no mistake: Trump is ready to pull the trigger on steep tariffs if he doesn’t see progress.

The backdrop to all this is a world in turmoil…

The Middle East is on edge after Israel’s strikes on Iranian nuclear sites, sparking days of conflict and sending oil prices soaring.

Meanwhile, the war in Ukraine grinds on, with Trump facing pressure to impose tougher sanctions on Russia — something he’s hinted at but remains reluctant to do.

Stateside this weekend, Minnesota was shaken by the assassination of a state lawmaker… “No Kings” demonstrations drew thousands on Saturday… and federal authorities ramped up ICE operations in several cities.

Amid all this, Trump’s focus on trade is unwavering. He’s betting that a tough stance will force America’s partners to the table, and he’s not afraid to rattle the markets if that’s what it takes.

So, what can we expect from the rest of the summit? Don’t count on any quick victories. Trade negotiations are usually measured in years, not weeks.

But for his supporters, this is classic Trump: shaking up the status quo and refusing to accept bad deals.

In the end, this G7 is less about grand gestures and more about hard-nosed bargaining. Trump is playing the long game, and whether you agree with his tactics or not, there’s no denying he’s changed the conversation.

The days of America being the “piggy bank that everyone keeps robbing,” as Trump once said, are over.

The question now is whether some of the world’s most powerful leaders are ready to accept this new reality — or if they’ll keep pushing back.

Market Rundown for Monday, June 16, 2025

S&P 500 futures are up 0.75% to 6,075.

The price of oil’s pulled back about 1% to $72.14 for a barrel of WTI.

Gold is down 0.55% to $3,433.70 per ounce.

And Bitcoin is up 1.30% to $106,700.