G7 to monitor non-market policies, practices, counter trade imbalances

G7 members comprise the United States, Canada, the United Kingdom, Japan, Germany, France and Italy.

Though the statement did not mention China, but ‘non-market policies’ typically refer to that country’s export subsidies and currency policies that the US administration says give it an advantage in global trade.

“We found common ground on the most pressing global issues that we face,” Canadian finance minister Francois-Philippe Champagne told the closing press conference. “I think it sends a very clear signal to the world ... that the G7 is united in purpose and in action.”

US treasury secretary Scott Bessent told a global newswire that he does not think there were any major disagreements.

German finance minister Lars Klingbeil told reporters it was crucial to “resolve the current trade disputes as quickly as possible,” as tariffs had placed “a heavy burden on the global economy”.

The G7 statement did not mention the US reciprocal tariffs, but Champagne said participants did discuss the effects of the tariffs during the meeting. “We’re trying to enhance growth and stability. And obviously tariffs are something in that context that you can’t avoid discussing,” Champagne was quoted as saying.

A G7 leaders summit is scheduled for June 15-17 in the nearby mountain resort area of Kananaskis.

Fibre2Fashion News Desk (DS)