G7 trade ministers toughen talk on tackling unfair trade

Quick Summary:

The G7 ministers met in southern Italy after the European Union imposed tariffs this month on imports of electric vehicles made in China to try to protect the 27-nation bloc's motor industry from Chinese EVs that the EU says are heavily subsidised.

"We will continue to tackle non-market policies and practices, as well as harmful non-market excess capacity and other market distortions resulting from them," said the six-page G7 statement, which made no specific mention of China.

Apart from tariffs, tools to curb unfair practices may include tighter rules to scrutinise foreign investments such as those the EU proposed early this year.

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Article Details

Author / Journalist: Reuters

Category: Business

Markets: IndiaCanadaChinaFranceGermanyItalyJapanUnited States

Topics: Global supply chain Eu vs china Italy G7 China

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-18 @ 10:13:26 (9 hours ago)

News Timezone: GMT +8:00

News Source URL: economictimes.indiatimes.com

Language: English

Article Length: 663 words

Reading Time: 4 minutes read

Sentences: 20 lines

Sentence Length: 34 words per sentence (average)

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Copyright Owner: © Economic Times

News ID: 21669916

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