ELMAU CASTLE , June 30 — G7 leaders on Tuesday condemned China’s “non-transparent and market-distorting” international trade practices in an end-of-summit statement billed as “unprecedented” by the United States.
Russia’s invasion of Ukraine and Beijing’s refusal to distance itself from Vladimir Putin has prompted other countries, including export giant Germany, to also reconsider their economic reliance on the Asian giant. A US official called the collective statement “unprecedented in the context of the G7” in acknowledging “the harms caused by China’s non-transparent, market distorting, industrial directives”.
But he said in an interview with Welt daily it was now “very clear that we need to diversify our supply chains and exports”.