Its finance minister CanadaFrançois-Filip Schbanie said that the countries of the Seven (G7) group have begun to discuss duties on low-value Chinese products.
At a press conference on Tuesday (20.5.2025), opening the meeting of G7 finance ministers in Alberta’s Banf, the Canadian Ministry of over -supply from China.
Some top democracies have accused Chinese online retail platforms, such as Temu and Shein, of flooding their markets with low -value products, and US President Donald Trump has already targeted these items by abolishing the “de minimis” exception. This exception, which ended at the beginning of this month, had allowed these platforms to send small packages of cheap types to the US without duties.
The US is the largest market for these parcels of low value, as they received about 1/4 of $ 94 billion in such exports from China last year, according to Bloomberg analysis of Chinese elements. Shipments to the US increased by almost 30% last month compared to a year earlier, as buyers were trying to prevent new contributions, with trade being likely to be reduced.
The concern in some countries is that Chinese exporters will now send packages that would go to the US to other markets, underestimating local producers and retailers. The European Union is considering imposing a single fee on small packages entering the block (EU), the Financial Times said. France is already pushing to add fees to such packages, while the United Kingdom and Japan are considering similar moves.
Developed countries will also probably hear a proposal for a coordinated attempt to change the prices for Russian oil. “It is a good opportunity to review this existing prices ceiling,” said Ukrainian Finance Minister Serhiy Marchenko, who was at a press conference and participated in the meetings.
Ukraine feels that changing the price ceiling would help “suffer the Russian economy,” he said. While European countries have pushed to reduce the ceiling by the current $ 60 per barrel price, which was set in December 2022. The US stance was unclear after Trump’s telephone contact with Russian President Vladimir Putin on Monday.
Trump described the tone of the telephone conversation “excellent” and set the prospect of trade in large -scale with Russia if the war ended, causing frustration to European leaders who saw the call as a propaganda victory for Putin. The EU, meanwhile, has just approved a new package of sanctions against Russia targeting the shadow fleet of tankers that help transport and sell Russian oil. The reduction of the ceiling of oil prices, however, would require the G-7 agreement.