G7 To Discuss Trade Risks After U.S. Hikes Tariffs On China Goods

The Group of Seven (G7) major democracies meeting in Italy next week will discuss the risk of fragmentation in global trade after "very tough" tariffs imposed by the US against China, Italian Economy Minister Giancarlo Giorgetti said, Giuseppe Fonte and Gavin Jones reported for Reuters.

The G7 will reflect on the fragmentation of global trade, with the latest moves by the American government, which has toughened measures against China. I Photo: G7 Italia Facebook

Giorgetti was being interviewed for a conference in Milan organized by the Italian newspaper La Verità. 

Another item on the agenda for the meeting among the G7 finance ministers on May 24-25 in the northern Italian town of Stresa will be how to use frozen Russian assets seized after Moscow's invasion of Ukraine, Giorgetti said.

US proposals to use the assets to directly fund Ukraine in the war would have "quite serious legal implications" which still need clarifying, said Giorgetti, who will host the Stresa meeting as Italy holds the rotating presidency of the G7.

"In Stresa, we'll reflect on... the fragmentation of global trade, with the latest moves by the American government which has shown its cards with very tough measures against China," Giorgetti said.