China slammed in G-7 show of unity threatening trade escalation
China’s engagement in the global system of commerce was roundly criticized by Group of Seven finance chiefs in a show of unity accompanied by a threat of further escalation.
The club of rich-world ministers and central bankers concluded its gathering in the Italian lakeside town of Stresa on Saturday with a communique that cited the world’s second-biggest economy by name and accused the country of hurting the economies of its trade partners.
“While reaffirming our interest in a balanced and reciprocal collaboration, we express concerns about China’s comprehensive use of non-market policies and practices that undermines our workers, industries, and economic resilience,” they said. “We will continue to monitor the potential negative impacts of overcapacity and will consider taking steps to ensure a level playing field.”
Those words of warning followed the Biden administration’s announcement late on Friday to reimpose tariffs on hundreds of goods imported from China. The escalation in rhetoric could just be the prelude to further tensions if Donald Trump regains the White House in US elections later this year.
Washington remains the key protagonist in pressuring China, though earlier in the week, Treasury Secretary Janet Yellen stressed that G-7 participants from Germany, France and the European Union also harbor grievances. French Finance Minister Bruno Le Maire was one attendee pressing for a united front.
“The issue of tariffs toward China is an objective fact, not a political choice,” Italian Finance Minister
