The Group of Seven (G7) nations vowed on Friday to tackle what they called unfair business practices by China that were undermining their workers and industries, according to a draft statement on the final day of their annual summit.

G7 Leaders End Summit With Warning To China

The Group of Seven (G7) nations vowed on Friday to tackle what they called unfair business practices by China that were undermining their workers and industries, according to a draft statement on the final day of their annual summit. The G7 also warned of action against Chinese financial institutions that helped Russia obtain weaponry for its war against Ukraine.

The draft summit statement, reviewed by Reuters, stressed the G7 was not trying to harm China or thwart its economic development but would “continue to take actions to protect our businesses from unfair practices, to level the playing field and remedy ongoing harm”. Beijing is supplying the technology to produce weapons for Russia, Biden said Thursday evening during a joint news conference with Ukrainian President Volodymyr Zelenskyy. “So, it is, in fact, helping Russia,” he said.

G7 leaders highlighted security threats they say China poses to the global economy — including its overcapacity in electric vehicles and its trade and investment practices in developing nations. The European Union announced higher tariffs of up to 38% on Chinese electric vehicle imports amid investigations into whether Chinese automakers are dumping government-subsidized, less expensive EVs onto European markets.

Earlier this year the United States quadrupled tariffs on Chinese EVs to 100% and imposed steep increases on certain Chinese steel and aluminum products, solar cells and semiconductors. Beijing said it “will take all measures necessary” to defend its interests but stopped short of retaliation against the EU.

Beijing denounced the sanctions, accusing Washington of using the war “as an opportunity” to suppress other countries. “All of it reveals the U.S.’s calculations, hypocrisy and what a bully it is,” said Chinese Foreign Ministry spokesperson Lin Jian on Thursday. Pope Francis joined the leaders of Italy, the United States, Britain, Canada, France, Germany and Japan in southern Italy on Friday, a historic appearance at a G7 to take part in a discussion on artificial intelligence. Pope Francis called on Friday for a ban on “lethal autonomous weapons“, when he addressed the G7 leaders’ summit in Italy on the perils of artificial intelligence.