G7 slams China in show of unity on trade

FILE PHOTO: U.S. Secretary of the Treasury Janet Yellen attends the G7 Finance Ministers and Central Bank Governors' Meeting in Stresa, Italy May 24, 2024. REUTERS/Massimo Pinca/File Photo

NEW YORK: China’s engagement in the global system of commerce was roundly criticised by Group of Seven (G7) 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 last 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.