WASHINGTON/LONDON (US/UK) – The administration of President Joe Biden told allies on Friday that the US was re-engaging with them in a bid to help steer the global economy out of its worst slump since the Great Depression.
Treasury Secretary Janet Yellen told compatriots from the G7 that the US was committed to multilateralism and “places a high priority on deepening our international engagement and strengthening our alliances”.
She addressed them in a virtual meeting chaired by the UK at which she urged continued fiscal support.
According to Britain, officials discussed providing succour to workers and businesses affected by the pandemic while ensuring the sustainability of public finances in the long run.
Apart from the US and the UK, the G7 includes Japan, France, Germany, Italy and Canada.
Italian Economy Minister Roberto Gualtieri said the G7 is committed to continuing coordinated action in a bid to bolster the economy. “The withdrawal of policy support is premature,” he tweeted.
Biden has pledged an additional $1.9 trillion in spending and tax slashes on top of more than $4 trillion of coronavirus relief measures provided by former President Donald Trump.
Next month, British finance minister Rishi Sunak is expected to announce the extension of the economic rescue programmes.
The country also said that G7 officials agreed that making progress on reaching “an international solution to the tax challenges of the digital economy” was a top priority.