The U.S. State Department has set up an eight-person team known as “the firm” to provide help to countries cut off from Chinese trade.
The team emerged after Washington stepped in to help Lithuania when the northern European country found its cargo shipments to and from China stranded two years ago during a feud over Taiwan.
State Department officials say Washington sees ”the firm” as an emergency response when a country fears facing economic pressure from China. The Chinese Embassy in the U.S. says Beijing opposes economic coercion and calls the American allegation “completely unfounded.”
G7 look to grab frozen funds from Russia
Finance officials from the Group of Seven rich democracies say they have moved toward agreement on a U.S. proposal to squeeze more money for Ukraine from Russian assets frozen in their countries. But they left a final deal to be worked out ahead of a June summit of national leaders.
The finance ministers said in a statement after meetings in Stresa, Italy, that they were “making progress” on a U.S. proposal to borrow against future interest income on the frozen assets to give Ukraine a large chunk of cash now.
The last word will rest with the G7 national leaders, including U.S. President Joe Biden, next month at their annual summit in Fasano in southern Italy.
Dealing with China and Russia remains a global chessmatch.
