Simmering US-China tensions also cloud the outlook for the global economy that is already under pressure fromYellen told a news conference that Washington had been considering the chance of imposing restrictions on outbound investment to China to counter its “economic coercion” against other countries.Signs that China’s post-COVID recovery may be flagging are clouding policymakers’ hopes that a rebound in the country’s demand would underpin global growth.
Other key themes to be discussed at the G7 finance gathering include steps to prevent Russia from circumventing sanctions over its invasion of Ukraine, andthrough partnerships with low- and middle-income nations. Among other issues, Brazilian Finance Minister Fernando Haddad told reporters after a meeting with Yellen that he had expressed serious concerns that Argentina’s economic challenges could usher in an extremist government. He said Argentina needed the assistance of the International Monetary Fund. The United States is the largest shareholder in the global lender.
In 2011, the scramble prompted the first downgrade of the top-notch US credit rating. Veterans of that battle warn the current situation is riskier because political divides have widened. Back then, the G7 finance leaders said in a statement that they were “committed to addressing the tensions stemming from the current challenges on our fiscal deficits, debt, and growth.”
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