The G-7 countries—the United States, the United Kingdom, Japan, Canada, Germany, France, and Italy—announced on May 20 their plan to address the “disturbing rise in incidents of economic coercion.”
“We will work together to ensure that attempts to weaponize economic dependencies by forcing [G-7] members and our partners, including small economies to comply and conform will fail and face consequences,” the G-7 leaders’ statement on economic security reads.
“We express serious concern over economic coercion and call on all countries to refrain from its use.”
U.S. national security adviser Jake Sullivan, who briefed reporters on the sidelines of the G-7 summit on the same day, said the leaders agreed to deploy “a common set of tools” to confront the Chinese regime’s economic coercion.
“These economic security tools will include steps to build resilience in our supply chains. They will also include steps to protect sensitive technology, like export controls and outbound investment measures,” Sullivan said.
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