G7 Meetings

As President Biden and Group of Seven (G7) Leaders prepare to meet this week in Italy, the U.S. Department of the Treasury is issuing sweeping new measures guided by G7 commitments to intensify the pressure on Russia for its continued cruel and unprovoked war against Ukraine. Today’s actions ratchet up the risk of secondary sanctions for foreign financial institutions that deal with Russia’s war economy; restrict the ability of Russian military-industrial base to take advantage of certain U.S. software and information technology (IT) ...

Finance ministers from the Group of Seven (G7) economies assembled in Northern Italy late last week, with the focus on China trade and industrial policy, currency moves, and geopolitical conflict. While reaching consensus has historically not been easy, the more fractious global backdrop appears to have added renewed urgency in finding common ground. Though an immediate market impact is unlikely, we see several threads that stand out for investors: The G7 looks increasingly united on China trade imbalances. The G7 finance chiefs ...

China hit back at the Group of Seven nations over their criticism of Beijing’s global trade practices, accusing members of exaggerating the threat of overcapacity posed by the world’s second-largest economy. The club of rich-world finance ministers and central bankers accused China in a communique on Saturday of hurting the economies of its trade partners through its “comprehensive use of non-market policies and practices,” adding that members would continue to monitor the “negative impacts of overcapacity.” Chinese Foreign Ministry ...

The entire world economy is at risk from a glut of cheap Chinese exports, France’s Finance Minister Bruno Le Maire said in tandem with a barrage of joint criticism from the Group of Seven. “We have an issue with the economic model in which China is producing more and more cheaper industrial devices because it could be a threat not only for the EU, not only for the US, but for the global world economy,” Le Maire said in an interview with Bloomberg Television. “We need to address that issue.” Leading industrialized nations are ...

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 ...