From Breakingviews - How US and allies can find common ground on China
“enhancing supply chain resilience while preserving economic efficiency” were both of “paramount importance.”It will be much harder to manage this simultaneous juggling act if countries resort to protectionism. After all, free trade has delivered global economies of scale and allowed countries to specialize in what they do best.
The G7 finance ministers last week took a step to address this concern. They promised the “transparent, efficient, and predictable” use of subsidies, tax incentives and similar tools. That doesn’t unwind the protectionism of the IRA. But it might make it harder for a multinational company, for example, to play off one country against another to ensure the maximum subsidies for building a new factory.
It is not just the group’s finance ministers who are seeking to coordinate their approach. G7 trade ministerspledged to work together on several areas: using export controls to stop “malicious actors” getting access to technology; preventing a country using economic threats to “coerce” other governments; and fighting state-owned enterprises distorting the global market.
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