Full Breakdown
Macron Calls G7 to Address China-Driven Trade Imbalances
6/13/2026, 7:11:20 AM
Video Call Sets the Agenda
On 11 June, French President Emmanuel Macron hosted a video call with G7 members (France, United States, United Kingdom, Canada, Germany, Italy, Japan, EU) and Chinese Vice-Premier Zhang Guoqing. The meeting, called a “Global Convergence for Growth,” preceded Evian-les-Bains G7 summit (15-17 June). Participants included German Chancellor Friedrich Merz, Canadian Prime Minister Mark Carney, U.S. Treasury Secretary Scott Bessent, U.S. Trade Representative Jamieson Greer, EU Trade Commissioner Maroš Šefcovic and Chinese trade officials Li Chenggang and Liao Min.
Imbalance Context
Macron described China’s export-driven growth as a key driver of “unsustainable” imbalances. China’s current-account surplus has hit a record US$735 billion and its trade surplus $1.2 trillion. The EU runs a €360 billion trade deficit with China, while the United States maintains current-account deficits financed by foreign capital. Analysts link the EU shortfall to weak investment and high savings.
Principal Actors
The core participants are President Emmanuel Macron, Vice-Premier Zhang Guoqing, EU Trade Commissioner Maroš Šefcovic, U.S. Trade Representative Jamieson Greer, German Chancellor Friedrich Merz and Canadian Prime Minister Mark Carney.
Official Positions & Responses
Macron said “our common goal should be clear… to put the global economy back on a stronger growth path” and stressed “co-ordination is key” to avoid disorderly unwinding. Zhang urged “openness and cooperation” and “true multilateralism.” The EU Commission pledged “concrete tools” for trade security. Greer warned the United States would not pause its policy, adding “if they want to do the kinds of things we’ve done… they’re welcome to do that.” German officials signaled a shift toward tougher measures.
Dissent and Gaps
European and U.S. officials disagree on the response. Germany, wary of tariffs on China, faces pressure from lawmakers over Chinese car competition. The United States declined to coordinate with Europe. French officials called the video call a “victory,” yet Agathe Demarais warned China “has no interest in engaging with the G7.” Sources differ on participation, with some noting only a “minority of G7 leaders” joined, while others list a broader roster. No binding outcomes were produced.
Verbatim Quotes
- “All countries should uphold openness and cooperation, take an objective view of the comparative advantages of different countries, foster a free and facilitative trading environment, and practice true multilateralism,” — Zhang Guoqing, Vice-Premier of China
- “It is to put the global economy back on a stronger growth path.” — Emmanuel Macron, President of France
- “It’s not protectionism, it is fair protection,” — Emmanuel Macron, President of France
- “If they want to do the kinds of things we’ve done, you know, they’re welcome to do that,” — Jamieson Greer, U.S. Trade Representative
What's Next
EU leaders will meet in Brussels after the G7 summit to consider trade-defense tools, while the G20 is slated to revisit global imbalances. China’s video-call participation shows willingness to dialogue, but no concrete commitments have been announced, leaving the G7-China trade trajectory uncertain.
