European G7 ministers warn over China trade war risks
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European finance ministers from the Group of Seven (G7) wealthy democracies called for a common front against China's "unfair" industrial policies and warned of the risks of a trade war after US tariff hikes against Beijing. Washington last week unveiled increased duties on Chinese imports, triggering concerns of retaliation and fragmentation in global commerce. The US is not calling on its partners to take similar measures, but Treasury Secretary Janet Yellen wants the G7 allies to show they stand with Washington. German Finance Minister Christian Lindner stated that "trade wars are all about losing, you can't win them." Italian Economy Minister Giancarlo Giorgetti said it may only be a matter of time before the European Union (EU) follows the US lead on tariffs. The G7 ministers also discussed a loan to Ukraine backed by future income from frozen Russian assets, but no hard details emerged. The G7 will address a proposed global wealth tax on billionaires, but the US and Germany expressed reservations.

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https://theedgemalaysia.com/node/712955