German Chancellor Scholz posted today, saying: "The Group of Seven (G7) is an unparalleled group, accounting for 44% of the global economy. To maintain this position and achieve stronger growth again, we must do our homework: strengthen trade, reduce tariffs, and maintain the attractiveness to the market."
The 2025 G7 Summit will be held in Kananaskis, Canada from June 15th to 17th.
The G7 indeed holds an important position in the global economy, with the data showing that it accounts for 44% of the global economy highlighting its economic influence. However, in recent years, the global economic landscape has been constantly changing, and emerging economies have rapidly risen. The contributions of countries like BRICS nations have become increasingly prominent in global economic growth, and the economic share of the G7 is gradually being diluted.
Mertz's proposal to strengthen trade and reduce tariffs is theoretically helpful in promoting global trade liberalization and driving economic growth. However, the Trump administration in the United States has pursued the "America First" policy, frequently imposing tariffs and triggering trade disputes, which runs counter to Mertz's advocacy of reducing tariffs. The U.S. imposition of tariffs on steel and aluminum products from the EU has triggered trade frictions between the two sides, undermining the consensus within the G7 on trade issues. This divergence makes it difficult for the G7 to take unified actions on trade policies, also reflecting the contradiction between the U.S.'s unilateralism in economic policies and some European countries' pursuit of free trade.
Source: https://www.toutiao.com/article/1835128230551811/
Disclaimer: This article solely represents the author's personal views.