G7 finance leaders meeting in Canada pledged to tackle global imbalances and suggested tougher sanctions on Russia, while also taking aim at unfair economic practices widely attributed to China.
Finance ministers and central bank governors from the Group of Seven (G7) democracies pledged on Thursday to address “excessive imbalances” in the global economy and signaled that further sanctions on Russia remain on the table.
Meeting in the Canadian Rocky Mountains, the G7 officials expressed concern over non-market practices that threaten global economic stability. Although the communique did not explicitly name China, the language used aligns with frequent criticism of China’s state subsidies and export-led economic strategy.
“We agree on the importance of a level playing field and taking a broadly coordinated approach to address the harm caused by those who do not abide by the same rules and lack transparency,” the joint statement said.
The G7 ministers also called for closer scrutiny of market concentration and global supply chain resilience. European Commission Executive Vice President Valdis Dombrovskis said discussions included proposals to strengthen sanctions on Russia, such as lowering the $60-per-barrel price cap on Russian oil. He noted that the price of Russian crude has dropped below that level, trading at about $64 per barrel.
A European official said the United States remains unconvinced about reducing the price cap. A U.S. Treasury spokesperson did not immediately respond to a request for comment.
The group strongly condemned what it described as Russia's "continued brutal war" against Ukraine and emphasized that sovereign Russian assets held in G7 countries would stay frozen until Moscow ends its military campaign and compensates Ukraine for damages.
The communique also raised concerns over the surge in low-value “de minimis” international package shipments. These shipments, often valued under $800, are reportedly being used to bypass customs duties and smuggle illicit goods. Chinese e-commerce platforms like Shein and Temu have been cited in this context for exploiting the U.S. de minimis threshold to ship goods tariff-free.
While the G7 maintained a united front on the importance of fairness and transparency in trade, differences persist on specific enforcement measures.
The Chinese embassy in Ottawa declined to comment.
The gathering concluded with a renewed commitment to safeguarding global economic security through stronger coordination and a rules-based international trade system.
A Russian strike on a gas station in Kyiv has killed two people, the city's Mayor Vitali Klitschk...
Turkic states are considering the creation of a new law enforcement agency, TURKPOL, as members of the Organization of Turkic States (OTS) step up ...
Start your day informed with the AnewZ Daily Brief. Here are the top stories for the 11th of September, covering the latest developments about heal...
Four people were killed, including a child, in Ukrainian strikes on the Russian port city of Novorossiysk overnight, according to the governor of the Krasnodar region. Ukraine's drone forces commander, Robert Brovdi, said Russian military ships were destroyed in the attacks.
Overnight Iranian strikes on an air base in Jordan damaged multiple U.S. aircraft and left one without a wing, American media reported. Meanwhile, explosions were heard across parts of southern Iran according to local media reports.
Iran’s Revolutionary Guards (IRGC) said on Wednesday they attacked two U.S. vessels and eight oil tankers in the Persian Gulf, calling the strikes a response to a U.S. attack on five Iranian tankers.
Ukrainian forces struck a Russian oil refinery in Siberia and a seaport in Dagestan in the past 24 hours, President Volodymyr Zelenskyy said. He will meet Canadian Prime Minister Mark Carney on Thursday to discuss air defences for Ukraine over winter.
Iran said it destroyed a U.S. naval drone at the entrance to the Strait of Hormuz, while Washington announced sanctions targeting Iran-backed Kataib Hezbollah in Iraq.
Tobacco use may significantly reduce fertility in both men and women, according to a new World Health Organization (WHO) publication that highlights growing evidence linking smoking and exposure to second-hand smoke with reproductive health problems.
A record-breaking heatwave that swept across western Europe in late June has been linked to more than 10,000 excess deaths, according to newly released mortality data, highlighting the growing human toll of extreme temperatures across the continent.
Authorities in Nigeria's Ondo State have launched an investigation after 24 people died and several others were hospitalised following the consumption of a locally produced herbal drink in communities in the country's southwest.
A new study has found that baby girls exposed to paracetamol during pregnancy had, on average, smaller ovaries and uteruses and fewer ovarian follicles than those whose mothers did not take the painkiller.
The World Health Organisation (WHO) has warned that efforts to contain the Ebola outbreak in the Democratic Republic of Congo (DRC) are facing growing pressure as the virus spreads to new areas faster than treatment capacity can be expanded.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment