G7 trade ministers met in Italy, discussing concerns about China's 'overcapacity' in new-energy vehicles and agreeing to combat non-market policies.
The G7 trade ministers met in Italy, emphasizing concerns about China's 'overcapacity', particularly in the new-energy vehicle sector. While the UK's Trade Secretary indicated no immediate plans for imposing tariffs on Chinese EV imports, the G7 agreed to combat non-market policies and overcapacity, and intensify engagement with developing countries and emerging markets regarding market distortions. The group also pledged to set common standards for the procurement of critical materials and contribute to collective work on critical goods, sectors, and supply chains.
July 17, 2024
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