G7, world’s seven wealthiest countries come together to counter China’s trade practices

Finance officials from the Group of Seven (G7), on Friday, May 23, 2025, managed to reach an agreement to counter China’s trade practices.

This agreement comes despite deep divisions over U.S. tariffs and differing views on global conflicts

They collectively pledged to address global “economic imbalances,” a veiled reference to China’s trade strategies, including export subsidies and currency manipulation, often criticized as distorting fair trade.

Before the three-day meeting of G7 finance ministers and central bank governors, expectations for a unified communique were low.

Tensions were high due to the U.S. position on tariffs and its reluctance to label Russia’s war in Ukraine as illegal.

However, the final document was signed, though noticeably altered from past versions.

It omitted earlier commitments to fight climate change, did not emphasize support for free trade, and softened its language on the Ukraine conflict.

Canadian Finance Minister François-Philippe Champagne, speaking at the closing press conference, emphasized the group’s unity.

“We found common ground on the most pressing global issues that we face,” he said.

“I think it sends a very clear signal to the world… that the G7 is united in purpose and in action.”

The communique reaffirmed the G7’s intent to scrutinize “nonmarket policies and practices” that disrupt global trade balance.

While it did not name China directly, such terms typically allude to its economic model, which critics claim gives it an unfair edge in international markets.

These concerns echo previous U.S. criticisms, particularly under the Trump administration.

The tone of this finance meeting was more collaborative than the G7 foreign ministers’ meeting held in March.

The meeting in March had been overshadowed by President Donald Trump’s aggressive stance on tariffs and controversial remarks about Canada.

In contrast, this week’s gathering was more cordial.

U.S. Treasury Secretary Scott Bessent expressed optimism, saying, “I don’t think there were any major disagreements, I thought the meeting went great.”

German Finance Minister Lars Klingbeil emphasized the need for swift resolution of trade disputes, highlighting how tariffs had weighed heavily on the global economy.

“Our hand is extended,” he added, signaling a willingness to negotiate.

French Finance Minister Eric Lombard noted the positive atmosphere, stating, “The atmosphere was warm… We don’t agree on everything, but we talked about everything.”

Although the G7 statement avoided directly addressing U.S. tariffs, which have caused major disruptions in trade and supply chains, officials said the issue was not ignored.

Champagne acknowledged the absence of tariff language in the communique but confirmed that ministers had thoroughly discussed its impact.

Canada continues to seek removal of Trump’s 25% tariffs on steel, aluminum, and other goods.

“We’re trying to enhance growth and stability.

“And obviously tariffs are something in that context that you can’t avoid discussing,” Champagne said, reinforcing the importance of addressing such issues for global economic health.

The Chinese embassy in Ottawa declined to comment immediately on the G7’s statement.

Regarding the Ukraine conflict, the finance ministers condemned what they described as Russia’s “continued brutal war” against Ukraine.

They stated that if ceasefire efforts fail, all options—including intensifying sanctions—would be considered.

This marks a shift from the more forceful October G7 declaration that had described Russia’s actions as an “illegal, unjustifiable, and unprovoked war of aggression.”

This change in tone reflects a broader geopolitical shift.

Trump, who is again seeking office, has reduced U.S. support for Ukraine and at times suggested Ukraine shared blame for the conflict.

He has advocated for bringing Russia to the negotiating table to encourage peace talks.

Peace efforts have been intensifying.

Last week, Russian and Ukrainian officials engaged in direct negotiations for the first time in over three years, meeting in Istanbul.

However, the Kremlin stated on Thursday that no new talks had been finalized, contradicting reports that Vatican-hosted negotiations were imminent.

The G7 finance meeting concludes just weeks before the leaders of these nations are scheduled to convene again from June 15–17 in Kananaskis, a mountainous region nearby.

The White House confirmed that Trump will attend the summit, which is expected to further address these unresolved economic and geopolitical issues.

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