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    G7 Finance Ministers Close Ranks as Tensions with Russia and China Fester

    Western economic officials projected a united front, and braced for retaliation, as they prepped tougher sanctions and tariffs.Top finance officials from the world’s advanced economies moved closer to an agreement on Saturday over how to use Russia’s frozen central bank assets to aid Ukraine and pledged to unite against China’s dumping of cheap exports into their markets, aiming to marshal their economic might to tackle twin crises weighing on the global economy.The embrace of more ambitious sanctions and protectionism came as finance ministers from the Group of 7 nations gathered for three days of meetings in Stresa, Italy. The proposals under consideration could deepen the divide between the alliance of wealthy Western economies and Russia, China and their allies, worsening a global fragmentation that has worried economists.Efforts by the Group of 7 to influence the two powerful adversaries have had limited success in recent years, but rich countries are making a renewed push to test the limits of their combined economic power.In a joint statement, or communiqué, that was set to be released on Saturday, policymakers said they would stay united on both fronts as geopolitical crises and trade tensions have emerged as the biggest threats to the global economy.“We are making progress in our discussions on potential avenues to bring forward the extraordinary profits stemming from immobilized Russian sovereign assets to the benefit of Ukraine,” the statement, which was reviewed by The New York Times, said.Regarding China, the finance ministers expressed concern about its “comprehensive use of nonmarket policies and practices that undermines our workers, industries, and economic resilience.” They agreed to monitor the negative effects of China’s overcapacity and “consider taking steps to ensure a level playing field.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    U.S. and Europe Move Closer to Using Russian Assets to Help Ukraine

    Finance ministers from the G7 nations are hoping to finalize a plan ahead of the group’s leaders meeting next month.The United States and Europe are coalescing around a plan to use interest earned on frozen Russian central bank assets to provide Ukraine with a loan to be used for military and economic assistance, potentially providing the country with a multibillion-dollar lifeline as Russia’s war effort intensifies.Treasury Secretary Janet L. Yellen said in an interview on Sunday that several options for using $300 billion in immobilized Russian assets remained on the table. But she said the most promising idea was for Group of 7 nations to issue a loan to Ukraine that would be backed by profits and interest income that is being earned on Russian assets held in Europe.Finance ministers from the Group of 7 will be meeting in Italy later this week in hopes of finalizing a plan that they can deliver to heads of state ahead of the group’s leaders meeting next month. The urgency to find a way to deliver more financial support to Ukraine has been mounting as the country’s efforts to fend off Russia have shown signs of faltering.“I think we see considerable interest among all of our partners in a loan structure that would bring forward the stream of windfall profits,” Ms. Yellen said during her flight to Germany, where she is holding meetings ahead of the Group of 7 summit. “It would generate a significant up-front amount that would help meet needs we anticipate Ukraine is going to have both militarily and through reconstruction.”For months, Western allies have been debating how far to go in using the Russian central bank assets. The United States believes that it would be legal under international law to confiscate the money and give it to Ukraine, but several European countries, including France and Germany, have been wary about the lawfulness of such a move and the precedent that it would set.Although the United States recently passed legislation that would give the Biden administration the authority to seize and confiscate Russian assets, the desire to act in unison with Europe has largely sidelined that idea.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Few Chinese Electric Cars Are Sold in U.S., but Industry Fears a Flood

    Automakers in the United States and their supporters welcomed President Biden’s tariffs, saying they would protect domestic manufacturing and jobs from cheap Chinese vehicles.The Biden administration’s new tariffs on Chinese electric vehicles won’t have a huge immediate impact on American consumers or the car market because very few such cars are sold in the United States.But the decision reflects deep concern within the American automotive industry, which has grown increasingly worried about China’s ability to churn out cheap electric vehicles. American automakers welcomed the decision by the Biden administration on Tuesday to impose a 100 percent tariff on electric vehicles from China, saying those vehicles would undercut billions of dollars of investment in electric vehicle and battery factories in the United States.“Today’s announcement is a necessary response to combat the Chinese government’s unfair trade practices that endanger the future of our auto industry,” Senator Gary Peters, a Michigan Democrat, said in a statement. “It will help level the playing field, keep our auto industry competitive and support good-paying, union jobs here at home.”On Tuesday, President Biden announced a series of new and increased tariffs on certain Chinese-made goods, including a 25 percent duty on steel and aluminum and 50 percent levies on semiconductors and solar panels. The tariff on electric vehicles made in China was quadrupled from 25 percent. Chinese lithium-ion batteries for electric cars will now face a 25 percent tariff, up from 7.5 percent.The United States imports only a few makes — electric or gasoline — from China. One is the Polestar 2, an electric vehicle made in China by a Swedish automaker in which the Chinese company Zhejiang Geely has a controlling stake. In a statement, Polestar said it was evaluating the impact of Mr. Biden’s announcement.“We believe that free trade is essential to speed up the transition to more sustainable mobility through increased E.V. adoption,” the company said.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    U.S. to Announce New Tariffs on Chinese Electric Vehicles

    The administration could raise tariffs on electric vehicles from China to 100 percent in an attempt to protect American auto manufacturers.The Biden administration is set to announce new tariffs as high as 100 percent on Chinese electric vehicles and additional import taxes on other Chinese goods, including semiconductors, as early as next week, according to people familiar with the matter.The move comes amid growing concern within the administration that Mr. Biden’s efforts to jump-start domestic manufacturing of clean energy products could be undercut by China, which has been flooding global markets with cheap solar panels, batteries, electric vehicles and other products.The long-awaited tariffs are the result of a four-year review of the levies that President Donald J. Trump imposed on more than $300 billion of Chinese imports in 2018. Most of the Trump tariffs are expected to remain in place, but Mr. Biden plans to go beyond those by raising levies in areas that the president showered with subsidies in the 2022 Inflation Reduction Act.That includes Chinese electric vehicles, which currently face a 25 percent tariff. The administration is expected to raise that to as much as 100 percent in order to make it prohibitively expensive to buy a Chinese E.V.Mr. Biden has previously raised concerns about Chinese electric vehicles, saying that internet-connected Chinese cars and trucks posed risks to national security because their operating systems could send sensitive information to Beijing. He took steps earlier this year to try to block those vehicles from entering the United States.The president is looking to ratchet up pressure on China and demonstrate his willingness to protect American manufacturing ahead of his face-off against Mr. Trump in the November presidential election.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Antony Blinken Visits China

    Tensions over economic ties are running high, threatening to disrupt a fragile cooperation between the U.S. and China.Secretary of State Antony J. Blinken cheered on the sidelines at a basketball game in Shanghai on Wednesday night, and spent Thursday chatting with students at New York University’s Shanghai campus and meeting American business owners. It all went to emphasize the kind of economic, educational and cultural ties that the United States is pointedly holding up as beneficial for both countries.But hanging over those pleasantries during his visit to China this week are several steps the U.S. is taking to sever economic ties in areas where the Biden administration says they threaten American interests. And those will be the focus of greater attention from Chinese officials, as well.Even as the Biden administration tries to stabilize the relationship with China, it is advancing several economic measures that would curb China’s access to the U.S. economy and technology. It is poised to raise tariffs on Chinese steel, solar panels and other crucial products to try to protect American factories from cheap imports. It is weighing further restrictions on China’s access to advanced semiconductors to try to keep Beijing from developing sophisticated artificial intelligence that could be used on the battlefield.This week, Congress also passed legislation that would force ByteDance, the Chinese owner of TikTok, to sell its stake in the app within nine to 12 months or leave the United States altogether. The president signed it on Wednesday, though the measure is likely to be challenged in court.Mr. Blinken’s visit, which was expected to take him to Beijing on Friday for high-level government meetings, had a much more cordial tone than the trip he made to China last year. That trip was the first after a Chinese spy balloon traveled across the United States, tipping the American public into an uproar.Mr. Blinken talking with Ambassador Burns while attending a basketball game between the Shanghai Sharks and the Zhejiang Golden Bulls in Shanghai on Wednesday.Pool photo by Mark SchiefelbeinWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Blinken’s Visit to China: What to Know

    Secretary of State Antony J. Blinken is in China this week as tensions have risen over trade, security, Russia’s war on Ukraine and the Middle East crisis.Secretary of State Antony J. Blinken is meeting officials in China this week as disputes over wars, trade, technology and security are testing the two countries’ efforts to stabilize the relationship.The United States is heading into an election year in which President Biden will face intense pressure to confront China’s authoritarian government and offer new protections for American businesses and workers from low-priced Chinese imports.China is courting foreign investment to help its sluggish economy. At the same time, its leader, Xi Jinping, has been bolstering national security and expanding China’s military footprint around Taiwan and the South China Sea in ways that have alarmed its neighbors.Mr. Biden and Mr. Xi have held talks to prevent their countries’ disputes from spiraling into conflict, after relations sank to their lowest point in decades last year. But an array of challenges could make steadying the relationship difficult.Showdowns Over China’s Territory ClaimsThe United States has been pushing back against China’s increasingly assertive claims over swaths of the South China Sea and the self-governed island of Taiwan by building security alliances in Asia.That effort has prompted more concerns in Beijing that the United States is leading a campaign to encircle China and contain its rise.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Chinese Exports Are Threatening Biden’s Industrial Agenda

    The president is increasingly hitting back with tariffs and other measures meant to restrict imports, raising tensions with Beijing.President Biden’s trillion-dollar effort to invigorate American manufacturing and speed a transition to cleaner energy sources is colliding with a surge of cheap exports from China, threatening to wipe out the investment and jobs that are central to Mr. Biden’s economic agenda.Mr. Biden is weighing new measures to protect nascent industries like electric-vehicle production and solar-panel manufacturing from Chinese competition. On Wednesday in Pittsburgh, the president called for higher tariffs on Chinese steel and aluminum products and announced a new trade investigation into China’s heavily subsidized shipbuilding industry.“I’m not looking for a fight with China,” Mr. Biden said. “I’m looking for competition — and fair competition.”Unions, manufacturing groups and some economists say the administration may need to do much more to restrict Chinese imports if it hopes to ensure that Mr. Biden’s vast industrial initiatives are not swamped by lower-cost Chinese versions of the same emerging technologies.“It is a very clear and present danger, because the industrial policy of the Biden administration is largely focused on not the traditional low-skill, low-wage manufacturing, but new, high-tech manufacturing,” said Eswar Prasad, a Cornell University economist who specializes in trade policies.“Those are precisely the areas where China has upped its own investments,” he said.Both America and China are using large government subsidies to stoke economic growth and try to dominate what they believe will be the most important global markets of this century: the technologies meant to speed a global transition away from fossil fuels in order to avert catastrophic climate change.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Biden Calls for Tariffs on Chinese Steel in Pittsburgh Pitch, Vying With Trump for Votes

    President Biden on Wednesday called for major increases to some tariffs on steel and aluminum products from China, speaking to members of a national steelworkers union in Pittsburgh as he vies with former President Donald J. Trump for votes in Northern industrial states.“These are strategic and targeted actions that are going to protect American workers and ensure fair competition,” Mr. Biden told a crowd of about 100 union members at the United Steelworkers, which endorsed him last month. “Meanwhile, my predecessor and the MAGA Republicans want across-the-board tariffs on all imports, from all countries, that could badly hurt American consumers.”The Biden administration has argued that a flood of low-cost exports from China is undermining American-made products — jeopardizing Mr. Biden’s push to expand U.S. manufacturing, a central focus of his economic agenda.In his speech, Mr. Biden said he would ask the U.S. trade representative, Katherine Tai, to increase tariffs to what White House officials said would be 25 percent on certain Chinese products that now face tariffs of 7.5 percent, or none at all, pending the outcome of an administration review of the China tariffs initially imposed under Mr. Trump.“I want fair competition with China, not conflict,” Mr. Biden said, flanked by supporters and signs that read, “President Joe Biden: Standing With Workers.” “And we’re in a stronger competition to win the economic competition of the 21st century with China or anyone else because we’re investing in America, and American workers, again.”The move is another effort by Mr. Biden to put up new barriers to trade with China in some industries. It could help him compete with Mr. Trump in a “tough on China” context with swing voters, though administration officials said elections did not motivate the move. We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More