World's seven wealthiest countries agree to counter China's trade practices
Top finance officials from the world's seven wealthiest democracies set aside stark differences on US tariffs and agreed to counter global 'economic imbalances', a swipe at China's trade practices.
In a communique issued on Thursday, the Group of Seven finance ministers and central bank governors, meeting in the Canadian Rockies, left out their traditional defense of free trade and toned down their references to Russia's war in Ukraine compared with last year. But they did agree that further sanctions on Russia could be imposed if the two countries do not reach a ceasefire.
The communique said the G7 members would continue to monitor 'nonmarket policies and practices', which contribute to imbalances in global trade. The statement did not mention China, but 'nonmarket policies' typically refer to that country's export subsidies and currency policies that the Trump administration charges give it an advantage in international trade.
The high-profile gathering of officials from the United States, Canada, the United Kingdom, Japan, Germany, France and Italy appeared to be more congenial than an earlier meeting of G7 foreign ministers in March. That meeting, also in Canada, occurred as Donald Trump was in the middle of threatening stiff tariffs on Canada and suggesting it could become the 51st state.
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