G7 Calls Out China for “persistent industrial targeting” and “non-market policies”

At the 2024 G7 Summit in Italy, President Joe Biden and other G7 leaders criticized China's unfair trade practices, signaling a shift away from previous conciliatory relations. The G7's official communiqué condemned China for its "non-market policies" that create global issues like overcapacity, urging China not to disrupt supply chains, especially with critical minerals. The group is committed to investing in their own industrial capacities and diversifying supply chains to reduce dependence on China. Tensions are rising due to China's support for Russia's actions in Ukraine and its aggressive export strategy aimed at global market control. The Alliance for American Manufacturing highlighted China's industrial overcapacity's damaging impact on U.S. industries and provided policy recommendations to address these challenges. This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: Alliance for American Manufacturing Blog