G7 Finance Ministers Call for Addressing Global Economic Imbalances, Some Pointing to China
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At a meeting in Paris, G7 finance ministers declared current trade imbalances unsustainable. U.S. Treasury Secretary Scott Bessent and Japanese Finance Minister Satsuki Katayama largely blamed China's overcapacity and non-market practices, advocating for stronger trade protection. French Finance Minister Roland Lescure offered a more balanced view, citing U.S. overconsumption and insufficient European investment as contributing factors. The ministers agreed on the need to boost investment and productivity and discussed diversifying supply chains for critical minerals.