STRESA, Italy: European finance ministers from the Group of Seven wealthy democracies called on Friday (May 24) for the G7 to stay united in the face of China's "unfair" industrial policies and warned of the risks of a trade war after US tariff hikes against Beijing.
On the first day of a meeting of G7 finance chiefs in the northern Italian town of Stresa, ministers from Germany, France and hosts Italy all called for a common front against China's growing export strength.
Washington last week unveiled a raft of increased duties on Chinese imports including electric vehicle batteries, computer chips and medical products, triggering concerns of retaliation and fragmentation in global commerce.
The United States is not calling on its partners to take similar measures, but Treasury Secretary Janet Yellen said on Thursday she wanted the US' G7 allies - Japan, Germany, France, Britain, Italy and Canada - to show they stood with Washington.
French Finance Minister Le Maire said it was important to avoid a trade war with Beijing, which remains "our economic partner", but the G7 needed to protect its industrial interests in the face of China's "unfair trade practices".
Germany's export-driven economy would have much to lose from an escalation of trade tensions and its Finance Minister Christian Lindner told reporters that "trade wars are all about losing, you can't win them".
However, Italian Economy Minister Giancarlo Giorgetti, chairing the Stresa gathering as Rome holds the G7 presidency this year, said it may only be a matter of time before the European Union followed the US lead on tariffs.
"The United States has taken very tough decisions and Europe will probably have to consider whether to do the same," he told Italian state television RAI on Friday.
With the risk that the US tariffs lead to an increase in Chinese exports to Europe, Giorgetti said it was vital that the G7 remain united and European countries did not begin competing among themselves.
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May 24, 2024 at 04:19PM
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European G7 ministers warn over China trade war risks - CNA
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