All articles tagged with #g 7
Canada announced C$1.4 billion in investments and measures to strengthen access to critical minerals as part of a G-7 initiative, aiming to secure supplies outside China and support defense, clean energy, and manufacturing sectors, including future stockpiling and partnerships with companies like Rio Tinto and Nouveau Monde Graphite.
The U.S. and its Western allies are moving to use the investment returns from frozen Russian assets to fund Ukraine's war effort, potentially providing up to $50 billion in short- to medium-term funding. This plan, agreed upon by the Group of Seven nations, avoids confiscating the principal assets to prevent financial instability. Russia has condemned the move and threatened to retaliate by seizing U.S. and European assets in Russia, although many Western firms have already exited the country.
G-7 finance chiefs are drafting a communique to address concerns over China's significant role in global trade, aiming to counter "harmful practices" and enhance economic resilience. The draft includes stronger language than previous statements, reflecting growing unease about Chinese industrial overcapacity and its impact on member economies. The US plans to reimpose tariffs on Chinese goods, signaling a more assertive trade stance. The G-7 also acknowledges ongoing economic challenges, including inflation and uneven growth, and emphasizes the need for fiscal sustainability and structural reforms.
The US and G-7 allies have warned Iran of new sanctions if it proceeds with plans to provide ballistic missiles to Russia for its war with Ukraine. The Biden administration has expressed concerns about Russia seeking missiles from Iran and has disclosed intelligence findings on the matter. The G-7 leaders have stated their readiness to respond swiftly and in a coordinated manner with significant measures against Iran if the deal goes through. Iran's U.N. Mission has stated that there are no legal restrictions to prevent it from making ballistic missile sales but that it is "morally obligated" to refrain from such transactions during the Russia-Ukraine conflict.
Japan's successful hosting of the G-7 summit has demonstrated its global leadership and diplomatic skills, as it tackled issues such as the global economy, security, and climate change. Japan's ability to balance its own interests with those of the international community has set an example for other nations to follow in the realm of international relations.
The G-7 has agreed to de-risk and diversify their supply chains away from China, but an analyst warns that isolating Beijing is "impossible" and "dangerous." The joint statement from the G-7 said that their policy approaches are not designed to harm China nor do they seek to thwart China's economic progress and development. The shift from the Biden administration highlights the realization that it would take a great deal of effort and economic pain to separate its economy from that of China. The G-7 leaders expressed their concerns about the situation in the East and South China Seas and in supporting a "no change" in the status quo of Taiwan.
China has hit back at the G-7 summit, calling it an "anti-China workshop" after the group issued a joint communique that singled out China on issues ranging from Taiwan and maritime claims to economic coercion and human rights. Beijing summoned Japan's envoy and berated Britain in response to the statements issued at the weekend in Hiroshima. Despite Beijing's pointed reaction, President Joe Biden said he expected a thaw in frosty relations with China "very shortly."
The G-7 leaders agreed on the need to de-risk, not decouple from China, and acknowledged challenges posed by the mainland's practices which "distort the global economy." The group will seek to address the challenges posed by China's non-market policies and practices, which distort the global economy, and counter malign practices, such as illegitimate technology transfer or data disclosure. The leaders emphasized the need to cooperate with China, citing its role in the international community and the size of its economy, while reducing excessive dependencies in critical supply chains and protecting certain advanced technologies critical for national security.
Ukrainian President Volodymyr Zelenskyy denied that Russian forces were occupying Bakhmut, despite Moscow's insistence that the eastern Ukrainian city had fallen. The situation on the ground remains unclear due to the fog of war, but Ukrainian defense and military officials said that fierce fighting was ongoing. The G-7 summit in Japan saw US President Joe Biden announce $375m more in aid for Ukraine, which included more ammunition, artillery and vehicles.
President Biden expects a potential thaw in relations with China after he and other G-7 leaders took steps to tackle what they see as Beijing's economic intimidation.
President Biden's trip to the G-7 summit in Japan was overshadowed by the ongoing debt limit drama back home. Despite this, the summit showcased the unity of purpose within the G-7 and clear momentum building behind several multilateral initiatives. Biden announced a new $375 million defense aid package for Ukraine and led a historic trilateral meeting with Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk Yeol. The G-7 articulated its strongest ever stance toward China's coercive economic practices while accelerating a broader shift to a new industrial policy.
Atomic bomb survivors expressed anger and disappointment at the G-7 summit's statement supporting the possession of nuclear weapons for deterrence and failing to mention the treaty banning nuclear arms. The Japan Confederation of A- and H-Bomb Sufferers Organizations criticized the summit for supporting nuclear deterrence and security under a nuclear umbrella, calling nuclear weapons an absolute evil that cannot coexist with humans. Survivors have urged Japan to take part in the U.N. Treaty on the Prohibition of Nuclear Weapons, which Japan has been reluctant to do so as it relies on the protection of the U.S. nuclear umbrella under a long-standing security alliance.
Japan's atomic bomb survivors, known as hibakusha, hope that the G-7 summit in Hiroshima will lead to a consensus on global challenges and support for nuclear disarmament. The hibakusha have called for Japan to sign and ratify the Treaty on the Prohibition of Nuclear Weapons, but Japan has refused to do so as it is protected by US nuclear weapons. Despite disappointment, the hibakusha welcome the chance the G-7 meeting affords to get their message out and hope that one day the Japanese government will listen to their voices and change their course.
Ukrainian President Volodymyr Zelensky sparked speculation over whether Ukraine had lost control of the city of Bakhmut, saying "For today, Bakhmut is only in our hearts," after Russia claimed they had taken control of the city. Meanwhile, former Virginia governor Terry McAuliffe visited the front line in Ukraine on a personal "fact-finding mission" to raise awareness in the United States about the devastating toll of the war and to expand aid and support for Ukraine.
President Biden told a reporter to "shush up" as he tried to calm allies' fears that his White House will fail to reach a debt-limit deal, potentially plunging the US and the world into economic crisis. Negotiators remained deadlocked in Washington, with no plans to continue talks on Saturday. Biden and Speaker of the House Kevin McCarthy have just days to strike a deal to raise the debt ceiling before the potentially disastrous consequences of a debt default. National Security Adviser Jake Sullivan acknowledged that the US debt dispute has been a "subject of interest" in the president's summit meetings with other world leaders.