G7 & OECD

G7: G7 finance ministers agreed on the need for action to tackle trade imbalances and address the economic fallout from the Iran war, including supporting vulnerable countries and diversifying critical mineral supplies.

OECD: The OECD warned that prolonged disruption of energy supplies from the Middle East due to the Iran war would severely impact the global economy, potentially leading to recession and increased inflation.

G7: The G7 nations have pledged to diversify away from China, adding momentum to the European Union's efforts to counter the trade imbalance. They are discussing plans to tackle the China threat, potentially including higher tariffs.

OECD: The OECD (OECD) reported that Chinese companies received significantly more government support than OECD firms, providing data that supports the EU's argument about unfair state subsidies.