Germany, Canada, the US, France, Italy, Japan and the UK say Beijing harms the economies of trading partners
The G7, a group of the most industrialized countries in the world, said this Saturday (May 25, 2024) that China “harmful” the economies of trading partners. In a note, they also state that“consider taking measures to ensure a level playing field” following WTO (World Trade Organization) criteria, but without specifying what they would be.
“While reaffirming our interest in balanced and reciprocal collaboration, we express concerns about China’s pervasive use of non-market policies and practices, which harm our workers, industries and economic resilience”stated the G7.
Ministers and representatives of central banks from the group’s countries were together since Thursday (May 23) in Stresa, Italy. The country will preside over the G7 in 2024. Always at the end of conferences, the group releases a statement on the main points covered. Here’s the complete (232 kB – PDF).
According to XinhuaChinese state news agency, China’s imports and exports of goods increased 5% in terms of the yuan (Chinese currency) in the 1st quarter of 2024.
On May 14, United States President Joe Biden announced the increase in tariffs on Chinese products. The tax charged on the import of electric vehicles has quadrupled. It went from 25% to 100% in 2024.
The Biden administration said the new tariff would protect U.S. manufacturers in the “unfair business practices” of the Asian country.
G7
The G7 is made up of Germany, Canada, the United States, France, Italy, Japan and the United Kingdom. They met for the first time in 1975 at the initiative of the then German Prime Minister Helmut Schmidt and the French President at the time, Valéry Giscard d’Estaing.
During the meeting, the group stated that the group must reach a consensus on freezing Russian assets to increase aid to Ukraine at the next meeting in June.
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