While the G7 finance leaders' communique makes no mention of the US debt ceiling stalemate, it figured constantly in discussions.
Britain’s finance minister, Jeremy Hunt, gave a sobering assessment, saying it would be “absolutely devastating” if the United States failed to reach agreement to raise the federal borrowing limit and had its economic growth “knocked off track.”and ensure expectations on future price moves remained well-anchored, a sign many of them will not let their guard down against stubbornly high inflation.
In the communique, the finance leaders set a year-end deadline for launching a new scheme to diversify global supply chains. It did not mention an idea, flagged by the United States, to consider targeted restrictions on investments to China to combat Beijing’s use of “economic coercion” against other countries.
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