Trump at odds with other country leaders on major issues at G-7 summit

The president downplayed the trade war with China and suggested Russia be invited back into the G-7, making it the G-8.
5:07 | 08/25/19

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Transcript for Trump at odds with other country leaders on major issues at G-7 summit
President trump is on the world stage right now, he's meeting with global leaders this morning over at the g-7 summit in France. A lot of thorny issues on the table -- climate change, Russia and the president's escalating trade war with China which has been rattling the global economy. Just hours ago, the president hinting he may be having second thoughts about the trade war. George Stephanopoulos is here with analysis. But first, we start with Jon Karl traveling with the president in France. Jon, good morning. Reporter: Good morning, Terrell. As the president begins his meetings with America's most important economic leaders in France, he seems to be backing away from his threats of an all-out trade war with China. It has clearly rattled the markets and America's allies. At a meeting this morning with the new British prime minister the president downplayed the tensions. I think they respect the trade war. . Reporter: This morning, the president said he's hopeful of reaching a trade deal with China. Asked directly any second thoughts. I have second thoughts about everything. Reporter: Before arriving at biarritz, the president threatened to issue new tariffs and he also issued a new order for American companies to stop dealing with China, saying he can do so by declaring a national emergency. But for now, that's off the table. If I want, I can declare a national emergency. When they steal and intellectual property theft, anywhere from $300 billion to $500 billion a year, a total loss of trillion-dollar loss. For many years it's been going on. In many ways that's a national emergency -- Reporter: With a meeting with shinzo Abe, the president was asked about the latest round of weapons test by North Korea. I'm not happy about it. He's not violation of an agreement. We speak, I received a very nice letter from him last week. Reporter: The president insists that the summit here is going great and the talk of tensions between him and the other leaders is flat wrong. But virtually on every major issue on agenda, from Iran to climate change, to trade, the president is in disagreement with the other leaders here. In fact, president macron, the host of this summit here in France, said before it started there will not be a joint statement out of the summit. Because it would be pointless given the obvious disagreements with the president of the united States. Eva. Jon, the president has suggested that Russia be invited back into the g-7 making it the g-8 again? Reporter: Yeah, he just actually spoke about that a short while ago, he brought this up with the other leaders at the opening dinner last night, it's still something he'd like to see happen. Let me tell you that nobody else here at this summit think that's the right thing to do. Jon Karl on the ground in France. Jon, thank you very much. As promised let's bring in our chief anchor George Stephanopoulos who will be hosting "This week." Let's talk about this trade war, is the president right about having second thoughts here? The risks were on Friday, when he escalated the trade war, announced new tariffs force order, we saw a 600-point drop. A pattern here -- the president talks tough on China, but when it appears to bite at home, he tends to pull back a little bit and I think that's a little bit of what you see happening here. No way to know for sure, if you look at the last week with the president he had a series of zigzags on so many issues. Greenland, tax cuts, he seemed to go back and forth every single day without even consulting his staff. What about this 1977 law which gives him the authority to tell American businesses you got to pull out China, is that for real? It is a law. It's a 1977 law about economic emergencies. Most experts said it would be an abuse of the law to use in this case. It's designed to take on American enemies. Like North Korea, when they're building their nuclear programs, it gives the president to power to impose sanctions and restrict companies' activities. For the president to do that here would be an extraordinary move with huge economic impact. Likely to be overturned by congress. All right, George Stephanopoulos, always appreciate your analysis on a Sunday morning. I want to remind everyone George has a big show this morning. We'll have on the show the former member of congress Joe Walsh, the latest Republican considering a primary challenge to the president. And the powerhouse roundtable debates the week in trump coming up on this "This week." George, thank you again. Want to get those scary

This transcript has been automatically generated and may not be 100% accurate.

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