FASANO, Italy — G7 leaders are set to warn about Chinese trade practices including “harmful excess capacity” and “market distortions”, according to a draft statement seen by Politico.
“We are not seeking to harm China,” the leaders said in the latest G7 summit statement, but “express concern about China’s persistent industrial targeting and comprehensive non-market policies and practices.”
China has been at the forefront of G7 leaders’ concerns amid rising tensions with the United States and deteriorating trade ties with Europe. The European Commission said this week it would impose tariffs of up to 38.1% from July 4 on Chinese-made electric vehicles shipped to the EU.
G7 leaders also toughened their stance on Beijing over its support for Russia, calling on China to “halt transfers of dual-use materials, including weapons parts and equipment, that supply the Russian defence sector,” according to the latest draft statement due to be adopted on Friday night.
“We will continue to take action against Chinese and third-country actors that provide material support to Russia’s military, including Chinese financial institutions and other entities that facilitate Russia’s procurement of goods for Russia’s industrial base,” the statement said.
World leaders agreed on Thursday to use profits from frozen Russian assets to secure a loan of “around $50 billion” to financially support Ukraine. Concerns that former President Donald Trump may return to the White House after November have led the United States to press European allies to consider ways to secure funds for Ukraine.
