Finance ministers and central bank governors from the G7 papered over their differences on Thursday, pledging to tackle “excessive imbalances” in the global economy and saying they could increase sanctions on Russia.
There had been doubt before the meeting whether it would issue a final communique, in light of divisions over US tariffs and Washington’s reluctance to refer to Russia’s war on Ukraine as illegal.
However, after three days of talks, participants signed on to a lengthy document devoid of previous language on fighting climate change, and which also softened references to the Ukraine war.
Photo: REUTERS
“We found common ground on the most pressing global issues that we face,” Canadian Minister of Finance Francois-Philippe Champagne told the closing news conference.
“I think it sends a very clear signal to the world ... that the G7 is united in purpose and in action,” he said.
The officials, who met in the Canadian Rocky Mountains, called for a common understanding of how “non-market policies and practices” undermine international economic security.
The document did not name China, but references by the US and other G7 economies to non-market policies and practices are often targeted at its state subsidies and export-driven economic model.
The G7 statement omitted mention of US President Donald Trump’s tariffs that are disrupting global trade and supply chains and swelling economic uncertainty.
The gathering sets the stage for a summit of G7 leaders from June 15 to 17 in the nearby mountain resort area of Kananaskis.
Trump would attend the summit, the White House confirmed on Thursday.
The communique called for an analysis of market concentration and international supply chain resilience.
“We agree on the importance of a level playing field and taking a broadly coordinated approach to address the harm caused by those who do not abide by the same rules and lack transparency,” the grouping said.
It also recognized an increase in low-value international “de minimis” package shipments that can overwhelm customs and tax collection systems, and be used for smuggling drugs and other illicit goods.
On the war in Ukraine, the communique also agreed that Russia could face further sanctions if it resisted a push toward a ceasefire.
“If such a ceasefire is not agreed, we will continue to explore all possible options, including options to maximize pressure such as further ramping up sanctions,” it said.
Authorities have detained three former Taiwan Semiconductor Manufacturing Co (TMSC, 台積電) employees on suspicion of compromising classified technology used in making 2-nanometer chips, the Taiwan High Prosecutors’ Office said yesterday. Prosecutors are holding a former TSMC engineer surnamed Chen (陳) and two recently sacked TSMC engineers, including one person surnamed Wu (吳) in detention with restricted communication, following an investigation launched on July 25, a statement said. The announcement came a day after Nikkei Asia reported on the technology theft in an exclusive story, saying TSMC had fired two workers for contravening data rules on advanced chipmaking technology. Two-nanometer wafers are the most
Tsunami waves were possible in three areas of Kamchatka in Russia’s Far East, the Russian Ministry for Emergency Services said yesterday after a magnitude 7.0 earthquake hit the nearby Kuril Islands. “The expected wave heights are low, but you must still move away from the shore,” the ministry said on the Telegram messaging app, after the latest seismic activity in the area. However, the Pacific Tsunami Warning System in Hawaii said there was no tsunami warning after the quake. The Russian tsunami alert was later canceled. Overnight, the Krasheninnikov volcano in Kamchatka erupted for the first time in 600 years, Russia’s RIA
CHINA’s BULLYING: The former British prime minister said that he believes ‘Taiwan can and will’ protect its freedom and democracy, as its people are lovers of liberty Former British prime minister Boris Johnson yesterday said Western nations should have the courage to stand with and deepen their economic partnerships with Taiwan in the face of China’s intensified pressure. He made the remarks at the ninth Ketagalan Forum: 2025 Indo-Pacific Security Dialogue hosted by the Ministry of Foreign Affairs and the Prospect Foundation in Taipei. Johnson, who is visiting Taiwan for the first time, said he had seen Taiwan’s coastline on a screen on his indoor bicycle, but wanted to learn more about the nation, including its artificial intelligence (AI) development, the key technology of the 21st century. Calling himself an
South Korea yesterday said that it was removing loudspeakers used to blare K-pop and news reports to North Korea, as the new administration in Seoul tries to ease tensions with its bellicose neighbor. The nations, still technically at war, had already halted propaganda broadcasts along the demilitarized zone, Seoul’s military said in June after the election of South Korean President Lee Jae-myung. It said in June that Pyongyang stopped transmitting bizarre, unsettling noises along the border that had become a major nuisance for South Korean residents, a day after South Korea’s loudspeakers fell silent. “Starting today, the military has begun removing the loudspeakers,”
RSS