France’s Finance Minister Bruno Le Maire, in agreement with a chorus of criticism from the Group of Seven countries, warned that the global economy is exposed to danger by an overflow of low-cost Chinese exports.
G-7 Finance Chiefs meeting in Stresa, Italy explicitly cited China as they collectively agreed to “respond to its harmful practices” and “consider taking steps to ensure a level playing field.”
Major industrialized countries are uniting to present a stronger and more unified stance against China’s influence in the global market, which they argue poses a threat to their domestic manufacturers.
President Biden’s announcement on Friday 24th May 2024 considering the re-imposition of tariffs on numerous goods imported from China came after their statement.
Meanwhile, the EU is coming to the end of an investigation into electric vehicle subsidies, which is likely to lead to defensive measures against China’s auto exports.
The anticipated levies from the EU are expected to be notably lower than those imposed by the US, and they will be structured according to a different approach by World Trade Organization rules and procedures.