- Le Maire says determined to shelter own economic gains
- French minister speaks with Bloomberg TV at Group of Seven
The entire world economy is at risk from a glut of cheap Chinese exports, France’s Finance Minister Bruno Le Maire said in tandem with a barrage of joint criticism from the Group of Seven.
“We have an issue with the economic model in which China is producing more and more cheaper industrial devices because it could be a threat not only for the EU, not only for the US, but for the global world economy,” Le Maire said in an interview with Bloomberg Television. “We need to address that issue.”
Leading industrialized nations are coalescing for a tougher and more united challenge to overcapacities in China, which they say threaten their domestic manufacturers.
G-7 finance chiefs meeting in Stresa, Italy cited the country by name as they agreed to “respond to harmful practices” and “to consider taking steps to ensure a level playing field.” Those words marked an escalation from the sparse and more neutral language on trade they standardly use in communiques.
Their statement followed Washington’s announcement on Friday that President Joe Biden will reimpose tariffs on hundreds of goods imported from China. Meanwhile the EU is nearing the end of an electric-vehicle subsidy investigation that is likely to lead to defensive measures against China’s auto exports.
The EU’s potential levies are expected to be significantly lower than the US’s and based on a different approach within World Trade Organization rules and procedures.
Le Maire said at the G-7 meeting that member countries need to strengthen information ex