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G7 leaders to issue strong warning against China trade practices

G7 leaders to issue strong warning against China trade practices
The G7 leaders also hardened their tone against Beijing over its support of Russia and called on China to “cease the transfer of dual-use materials.”

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G7 Leaders to Warn China Over Trade Practices

The G7 leaders are preparing to issue a warning to China over its trade practices, citing concerns about "harmful overcapacity" and "market distortions." The latest draft statement from the G7 summit expresses worries about China's industrial targeting and non-market policies. Tensions with the U.S. and trade relations with Europe have heightened concerns about China's practices. The European Commission has announced that Chinese electric cars shipped to the EU will face duties of up to 38.1 percent starting July 4. The G7 leaders have also called on China to cease the transfer of materials that support Russia's defense sector. Additionally, a deal was struck to use the profits of frozen Russian assets to secure a loan of approximately $50 billion to aid Ukraine financially. The United States has been pressuring its European allies to find ways to secure cash for Kyiv.

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