Britain’s Finance Minister Rachel Reeves is set to warn her G7 counterparts against pursuing unilateral trade measures, such as imposing new trade barriers, as the ongoing war in Iran continues to strain global stability and energy markets.
Speaking at a meeting of G7 finance ministers, energy ministers, and central bank governors on Monday, Reeves is expected to emphasize the importance of coordinated action among member nations. According to a statement from her ministry, she will stress that the G7 “should act together, not in ways that shift pressure onto partners or weaken collective resilience.”
The Group of Seven (G7), which includes the United States, Britain, Canada, France, Germany, Italy, Japan, and the European Union, plays a key role in shaping global economic policy.
Reeves is likely to caution that rising protectionism and the introduction of new trade barriers could disrupt already fragile supply chains and push up costs worldwide. She will underline that close cooperation is essential to ensure the steady flow of energy and goods, and to help reduce costs for consumers over time.
The conflict involving Iran, launched by the United States and Israel on February 28, has expanded across the Middle East, resulting in thousands of deaths and triggering significant disruptions in global energy supplies. Economists warn that the crisis poses a serious threat to the world economy, particularly through its impact on energy security.