Overview

• G7 finance ministers and central bank governors agreed to address 'excessive imbalances' in the global economy, targeting harmful nonmarket practices like subsidies and export-driven policies.
• The communique emphasized the need for supply chain resilience and market concentration analysis to bolster global economic security.
• Ministers discussed potential new sanctions on Russia, including a possible reduction of the $60-per-barrel oil price cap, contingent on the failure of ceasefire efforts in Ukraine.
• The statement highlighted concerns over the exploitation of duty-free 'de minimis' exemptions by Chinese e-commerce firms such as Shein and Temu, which could enable illicit trade.
• Despite differences on U.S. tariffs, the G7 leaders unified on countering China's state-driven economic model and reinforcing collective economic stability.