Treasury Secretary Janet Yellen, said one disappointing thing had been the inability of G7 members to convince more developing countries - or the Global South - to support the West's unified response to Russia's invasion, and more soul-searching was needed on that front. G7 members also agreed that any country that engages in economic coercion should expect a united response from advanced democracies, but gave no details on what that would entail. "No one's talking about not trading with China, not exporting to China, not importing from China, but we do need to make sure that we don't have dependencies that can make us vulnerable," he said, adding that the difficult part was working out the concrete steps needed to accomplish that. Backed by Y Combinator and based in Los Angeles, Polymail currently helps over 3,000 customers around the world communicate and collaborate more efficiently. One key area of agreement was that G7 rich countries want to "de-risk" relations with China, rather than to decouple from all trade, Hunt said, noting that Britain's "strong view" was the need to avoid an approach that inadvertently returned the world to "protectionism". By combining email with real time collaboration and integrating it with your team's other tools, Polymail allows everyone to work together seamlessly, move faster, and be more productive. Hunt said it was very important that non-G7 members invited to the meeting by Japan - India, Indonesia, Brazil, Singapore and Comoros - took part in the discussion about Russia. Unlock your conversations from your inbox and share them directly to your team's tools like Slack and Asana. Polymail allows you to share your conversations anywhere and get the proper context you need. He said it was clear that economic sanctions on the Russian economy had not been as effective as military support for Kyiv, but were generating more of "a slow burn" and there would be a point when Western pressure "starts to bite". Say goodbye to email clutter and hello to organized communication. Hunt said G7 officials also discussed the impact of Western sanctions on Russia over its invasion of Ukraine, and talked at length about the need to stop sanctions evasion, or leakage. He said he hoped that Biden and Congress would be able to resolve their differences. "It would be absolutely devastating if America, which is one of the biggest motors of the global economy, was to have its GDP knocked off track by not reaching agreement," he said. debt default, posed a "very serious threat to the global economy," Hunt said. Hunt told reporters that Group of Seven (G7) finance chiefs in Japan had "very frank and open discussions" about the challenges they face, including banking regulation and the impact of Russia's war in Ukraine on the global economy.Ī standoff between President Joe Biden and the Republican-controlled House of Representatives, which has raised the prospect of a first-ever U.S. NIIGATA, Japan, May 13 (Reuters) - British finance minister Jeremy Hunt said on Saturday it would be "absolutely devastating" if the United States failed to reach agreement to raise its debt ceiling and had its gross domestic product "knocked off track".
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