FLASH NEWS
G7 Trade Ministers Pledge to Strengthen Responses to Global Trade Tensions
2026-05-06 16:07:07 / BOTA
G7 Trade Ministers expressed deep concern about "economic tightening", particularly arbitrary restrictions on exports, which could undermine economic security in a highly tense global environment.
"We express our deep concern about economic austerity measures, including arbitrary export restrictions, which could lead to disruptions in supply chains, particularly for key minerals, and undermine economic security and sustainability," the ministers of the Group of Seven industrialized countries said in a joint statement issued at the end of their two-day meeting in Paris.
G7 trade ministers agreed today to "strengthen" their responses to global trade imbalances, in a very tense environment, French Trade Minister-designate Nicolas Forissier said after a two-day meeting in Paris.
"This ministerial meeting has yielded concrete results. First, we will strengthen our cooperation in addressing imbalances in international trade, in particular on the issue of non-trade practices and excessive subsidies, as well as industrial overcapacity (…). We will analyze these issues in more detail and strengthen our responses together," said the French minister.
France currently holds the presidency of this group of industrialized countries, which includes Canada, Italy, Germany, Japan, Great Britain and the United States of America.
G7 trade ministers kicked off a two-day meeting in Paris yesterday as the war in the Middle East has upended the global economy with the closure of the Strait of Hormuz, through which a fifth of the world's oil normally flows.
US President Donald Trump's threat on Friday to raise US tariffs on cars and trucks from the European Union is likely to be treated as a separate issue.
The United States and the European Union reached an agreement last summer - to cap US tariffs on EU vehicles and parts at 15% - which is lower than the 25% tariff that Trump imposed on many other trading partners.
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