Trade

As the Group of Seven summit begins in Hiroshima, Japan, today, President Biden is expected to announce new sanctions on Russia, according to The Wall Street Journal (subscription).

• President Biden’s goal at the summit is likely to be reinforcing the allies’ support of Ukraine as well as their economic defenses against Chinese power.
• This is the summit’s 48th year. The G7 comprises the U.S., Canada, Britain, France, Germany, Italy and Japan.

The details: “The new U.S. sanctions and trade restrictions target goods and services vital to Russia’s military-industrial complex, said a senior Biden administration official who briefed reporters shortly after the president landed in Hiroshima.”

• “They are also aimed at Russia’s ability to extract the oil and natural gas critical to the country’s economy, the official said. Other Western allies will roll out similar new programs, officials said.”

The big picture: Analysts say President Biden—who canceled several international meetings planned for next week to return to Washington for debt talks—faces a difficult task at the meeting: “convincing allies that the U.S. can keep its economic house in order while moving forward on Russia and China,” according to another Journal article (subscription).

The NAM’s moves: During the NAM’s recent “Competing to Win” Tour in Europe, NAM President and CEO Jay Timmons hammered home manufacturers’ support for Ukraine.

• “[T]he most important thing is to support our allies that believe in democracy,” Timmons said during a live Morning Joe interview from Warsaw, Poland. “And American business, I think, can help lead the way to strengthen and support democracy.”

Read more about the NAM’s Competing to Win Tour here, here and here.
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