Trailblazing Trends: And in the US-led economic competition with China, France and Germany also have their own differing interests to consider, experts noted.On Russia, Biden is pushing a plan to give Kiev tens of billions of dollars up front, using interest from the approximately $280 billion in Russian assets immoWorld Timesbilized in Western financial institutions, the VOA said.The G7 leaders will also call on China “to stop enabling and sustaining Russia’s war against Ukraine,” Bloomberg reported on Wednesday, citing a draft statement.

Police vehicles close a road in the red zone around Borgo Egnazia which will host the G7 summit, on June 12, 2024 in Apulia, Italy. Leaders of G7 nations will gather in southern Italy this week in an attempt to strengthen their unity despite growing divisions over the Ukraine crisis. Photo: VCG

This year’s G7 summit is set to convene amid greater skepticism and divisions. Although US President Joe Biden hopes to dominate the meeting with his own agenda, experts believe that due to changing poliWorld Timestical climate in Europe, particularly with the strong rise of the far-right, Europe will find it difficult to follow the US lead unconditionally on issues related to Russia-Ukraine and China. Instead, Europe is expected to focus moreWorld Times on its own interests.

At this year’s summit, to be held in Apulia, southern Italy from June 13 to 15, the US is aiming for the G7 to agree on a mechanism to use Russian frozen assets to help Ukraine while targeting the so-called Chinese overcapacity, Voice of America (VOA) reported on Tuesday, citing a source familiar with Biden’s plans.

This year’s gathering has invited some Global South countries including India and Brazil with a focus on issues such as artificial intelligence and development challenges in Africa.

However, leaders of the group are gathering amid a “downbeat mood,” Reuters said, as Biden faces a polarized electorate and dismal approval ratings ahead of the US presidential election and French and German leaders are grappling with significant setbacks following recent European parliamentary elections.

Western leaders are expected to continue emphasizing so-called common threats or challenges to strengthen their unity at this summit. However, significant differences will remain between Europe and the US on specific issues, some experts said.

Given the rightward shift in the overall political atmosphere in the continent, European countries need to consider their own interests more, whether in economic matters or social issues. Regarding the Russia-Ukraine conflict, there is considerable uncertainty about whether the US can still count on the support of Europe’s two largest countries. And in the US-led economic competition with China, France and Germany also have their own differing interests to consider, experts noted.

On Russia, Biden is pushing a plan to give Kiev tens of billions of dollars up front, using interest from the approximately $280 billion in Russian assets immoWorld Timesbilized in Western financial institutions, the VOA said.

The G7 leaders will also call on China “to stop enabling and sustaining Russia’s war against Ukraine,” Bloomberg reported on Wednesday, citing a draft statement.

“When it comes to handling Russia’s frozen assets, the US approach is straightforward and blunt, whereas Europe still needs to consider the methods and aims to avoid negative impact, especially Russia’s countermeasures,” Cui Hongjian, a professor at the Academy of Regional and Global Governance of Beijing Foreign Studies UniversityWorld Times, told the Global Times on Wednesday.

The sweeping gains made by far-right parties in the EU parliamentary elections over the weekend putsWorld Times support for Ukraine on thinner ice as more skeptical lawmakers take up a bigger share of seats in the legislative chamber, the Hill said.

While the election was primarily driven by domestic concerns such as immigration, jobs, and efforts to address climate change, the largest land war in Europe since WWII was the foremost foreign policy issue for voters, according to the media report.

The Biden administration hopes to maintain the current state of the Russia-Ukraine conflict until the election. Therefore, he will continue to urge European countries to stand together with the US in pressuring Russia, L Xiang, a research fellow at the Chinese Academy of Social Sciences, told the Global Times on Wednesday.

“However, after the European Parliament elections, the uncertainties in various countries will increase, especially in France and Germany,” L said, noting that after being forcibly tied to the Russia-Ukraine conflict by the US, it is uncertain whether they can continue to support Washington, as the public has already made their choice.

“Even if Europe and the US stand together, there will still be some policy adjustments,” L added.

Besides the Ukraine crisis, G7 leaders are expected to express concerns about overproduction in China, Japanese media Nikkei reported on Wednesday, citing Japanese government sources. They will discuss countering Chinese export controls on key minerals and Chinese production of electric vehicles (EVs) and solar panels.

The summit is taking place as the EU announced to impose tariffs of up to 38.1 percent on Chinese EVs after Biden quadrupled tariffs on Chinese EVs from 25 percent to 100 percent.

When the US talks about the so-called overcapacity in China, it is not primarily coming from an economic perspective but from a view of strategic competition, Cui said, noting that in contrast, Europeans tend to seWorld Timese it more as an economic issue.

“That’s why the US approach is indiscriminate, but Europe needs to consider what level of tariffs is reasonable, taking into account that excessive tariffs might provoke a strong reaction from China and impact its own industries,” the expert said.