G-7 leaders discuss more steps to level China playing field, US official says
Sign up now: Get ST's newsletters delivered to your inbox
U.S. President Joe Biden meets with Italian Prime Minister Giorgia Meloni on the second day of the G7 summit.
PHOTO: REUTERS
Follow topic:
BORGO EGNAZIA, Italy - Group of Seven (G-7) leaders are discussing further steps to level the playing field in trade with China and protect their economic security, a senior United States official said on Friday.
The official added that Washington expected to see unprecedented unity across the G-7 in confronting China’s non-market policies and practices.
"For too long, the People's Republic of China has been playing by a different set of rules, with unfair and anti-competitive economic practices," the official said.
Washington says China’s policies and subsidies are creating global spillovers and harmful overcapacity that undercuts firms elsewhere, and leads to supply chain dependencies in sectors such as solar, wind, electric vehicles, lithium-ion batteries, medical devices, mature-node semiconductors, steel and others.
The official said the US and its G-7 partners - Britain, Canada, Germany, France, Italy and Japan, along with the European Union - were investing in building diversified supply chains and creating more resilient economies.
The US and the EU have already increased tariffs on certain sectors, including electric vehicles. It was not immediately clear what further action the G-7 leaders were considering.
"China’s practices are impacting our partners around the world, from advanced economies to developing countries and emerging markets," the official said. "That’s why we expect to see unprecedented unity across the G-7 in calling out harmful practices and committing to work together in response."
The official added that Washington was not trying to constrain China's economic development, but would insist on fair competition and defend US workers from unfair Chinese practices. REUTERS
