The world’s seven strongest economies are weighing whether to cut reliance on China, Germany’s finance minister commented Friday.
Leaders from the group, called the Group of Seven (G-7), are meeting in Japan. Tokyo has been leading efforts to diversify supply chains away from China by building partnerships with low- and middle-income countries through investment and aid.
The United States is at the forefront as well and continues to push for stronger steps. Treasury Secretary Janet Yellen has called for targeted controls on investment from China to counter what she called Beijing’s “economic coercion” against other countries.
But for the G-7, it remains to be seen if member nations would cut any specific deals on beefing up supply chains.