G7 Ministers Caution Against China Trade War Risks

European G7 finance ministers have warned of the risks of a trade war with China following the U.S.'s recent tariff hikes on Chinese imports. They emphasized the need for a united front against China's "unfair" industrial policies while cautioning against escalating tensions. The G7 meeting in Stresa, Italy, also discussed a potential $50 billion loan to Ukraine backed by frozen Russian assets, though no concrete details were finalized. Additionally, the summit addressed global tax reforms, including a minimum tax on multinationals and a proposed wealth tax on billionaires.