On Saturday, the British finance minister, Jeremy Hunt, stated that it would be “absolutely devastating” for the United States if it was unable to reach an agreement to extend its debt ceiling and if this “knocked off track” its gross domestic product.
Hunt also stated that the impact of sanctions on Russia as a result of its invasion of Ukraine had not been as successful as the provision of military backing for Kyiv, and that the wealthy nations that make up the Group of Seven (G7) want to “de-risk” their relationships with China rather than divorce from all commerce.
Hunt was speaking to reporters in Japan on the margins of a session of G7 finance chiefs before to meeting with U.S. Treasury Secretary Janet Yellen. Yellen was also in Japan. Reporting was done by Andrea Shalal, writing was done by Kantaro Komiya, and William Mallard was in charge of editing.