ROME: Italian Economy Minister Giancarlo Giorgetti said on Tuesday that the upcoming Group of Seven (G7) summit in Italy will discuss the risk of fragmentation in global trade, spurred by the recent imposition of “very tough” tariffs by the United States against China.
Speaking at a conference organized by Italian newspaper La Verita in Milan, Giorgetti highlighted the urgency of discussing the implications of the escalating trade tensions between the world’s two largest economies. The G7 finance ministers will convene on May 24-25 in Stresa, a town in northern Italy, to deliberate on this issue among other pressing matters.
One significant topic slated for discussion is the utilization of frozen Russian assets seized following Moscow’s invasion of Ukraine. Giorgetti emphasized the need for clarity regarding the proposed use of these assets to directly fund Ukraine’s efforts in the ongoing conflict. He cited potential legal complexities associated with such a move.
The Italian economy minister, who will preside over the Stresa meeting as Italy currently holds the rotating presidency of the G7, underscored the importance of addressing the fragmentation of global trade. He pointed to recent actions taken by the American government against China as indicative of the challenges facing the international trade landscape.
“In Stresa, we’ll reflect on … the fragmentation of global trade, with the latest moves by the American government which has shown its cards with very tough measures against China,” stated Giorgetti.
