G7 Pledges Unity on Economic Imbalances Amidst Trade Tensions

Finance leaders from the world's seven wealthiest democracies, known as the G7, have moved past their stark differences over U.S. tariffs to focus on tackling global economic imbalances. The group subtly criticized China's trade practices without directly naming the country.

In a communiqué released after their meeting in the Canadian Rockies, G7 finance ministers and central bank governors omitted their historical support for free trade and reduced the emphasis on Russia's Ukraine invasion compared to last year. However, they agreed on the potential imposition of further sanctions on Russia if a ceasefire isn't reached.

The communiqué highlighted that G7 would continue to scrutinize "nonmarket policies and practices," a term often associated with Chinese export subsidies and currency strategies. The meeting was noted for its congenial atmosphere, contrasting with a previous summit of G7 foreign ministers, which was held amid U.S. tariff threats.

(With inputs from agencies.)