G7 leaders discuss trade imbalances with China, India in pre-summit talks
Ahead of the G7 summit being held this year in Hiroshima, Japan, leaders of the United States, Germany, Japan and the United Kingdom have begun preliminary talks with China and India on trade imbalances. According to Nikkei Asia, the talks cover the US's ongoing tariff negotiations with China and India's semiconductor subsidies. The G7 summit's final communiqué will be announced on 21 June.
Nikkei Asia reports that the preliminary talks, hosted by Japanese Prime Minister Shigeru Ishiba, feature China's Vice-President Han Zheng and India's Prime Minister Narendra Modi as guest leaders. The US-led group argued China's $1.2 trillion trade surplus in 2025 is a problem for global sustainability.
Han Zheng told Nikkei: "Trade imbalances will not be solved by unilateral tariffs but by an open and fair multilateral approach." India's Trade Minister Piyush Goyal said the $12 billion in subsidies for developing the semiconductor sector is "India's effort to take a fair place in global supply chains".
Reuters reports that Germany's Finance Minister Jörg Kukies said a global carbon tax will be discussed at the G7 summit. Turkey, as an OECD member, has been invited as an observer. This is not investment or legal advice.
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