hello. i am tadhg enright with your top business stories. politics is leading business news today. as you ve been hearing, leaders of seven of the world s top economies are meeting in hiroshima, japan. but it s two that aren t attending that will be occupying most of their time. as well as new sanctions on russia, they will be focusing on china, and how to counter its increasing economic power. the bbc s nick marsh is in hiroshima for us. a huge focus on the sanctions against russia. but as we ve been talking about that already, i want to pick up another theme of these leaders using the economic pressure on china. what more can you tell us about the? china. what more can you tell us about the? you “ust call the elehant us about the? you “ust call the elephant not us about the? you “ust call the elephant not in us about the? you just call the elephant not in the us about the? you just call the elephant not in the room. - us about the? you just call the elephant no
talked about the us export controls, massive export patrols, controls vertically on the semiconductor industry because these chips and technology that will be key to developing technologies, security, equipment and military in the future, so all of these factors will play out over a very long period. at the moment the prospects for the global economy are really about how to get the inflation down and do central banks do too much by raising interest rates too far and damaging the global economy? too far and damaging the global econom ? ,, ., ~ ., ., economy? simon macadam from caital economy? simon macadam from capital economics, economy? simon macadam from capital economics, thank - economy? simon macadam from capital economics, thank you - capital economics, thank you very much forjoining us. let s stay with the g7 summit because uk prime minister rishi sunak has used it to launch a plan to boost britain s microchip industry. the national semicoductor strategy will see up to £1 bil
hearing quite a lot of if you haven t already is this idea of economic cooperation. so this notion that china penalises its economic power, the world s second largest economy, so perhaps pressure smaller countries into doing what it wants or even punished countries it has disputes with. we ve seen examples of this and trade restrictions with australia, japan, ag 7 member, korea as well, and g7 nations are worried about this and scratching their heads about what they can do to contain this perceived economic threat. the us once heavy curves on investment, already putting big export controls on key industries like semiconductors and trying to get their g7 partners particularly the europeans to join in with them, but that s not going to be easy given china as the eu s biggest trading partner. break things off overnight. we ll probably hear another term quite a lot in the next few days called dee