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G-7 alignment & US political challenges | Quick Take | GZERO Media

G7 alignment & US political challenges

Ian Bremmer's Quick Take: Hi everybody. Ian Bremmer here and a happy Monday. Quick take to start off your week as President Biden is back in the United States after the G7 Summit in Hiroshima.

What do we think? How did it go? Well, I mean a couple of very different takes. First of all, the G7 is enormously aligned, most particularly on Russia. I have never seen this level of outpouring of support. Every individual member of the G7 engaged personally with Ukrainian President Zelensky, the level of international aid coordination, diplomatic engagement, military support across the board continues to be at exceptionally high levels, not what Putin would've expected, not what the G7 would've expected before the Russian invasion, and that certainly helps to put Zelensky in a stronger position to negotiate with the Russians after a counter offensive over the coming months.

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Luisa Vieira

OPEC+ vs. the US

Oil prices soared Monday — and continued rising Tuesday — after a group of OPEC+ members (unexpectedly) announced that they'd slash production voluntarily by more than 1 million barrels per day. It’s the crude cartel’s response to expected sluggish demand for crude triggered by the recent financial turmoil in the US and Europe as well as China’s weak economic recovery.

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Paige Fusco

The Graphic Truth: Rich countries feel inflation pinch

Japan’s inflation rate hit 4% last month. Sounds low, right? Compared to many Western countries, it is. But for Japanese consumers, it’s the highest spike in prices since 1981. As a result, the Bank of Japan is under increasing pressure to raise its key interest rate from -0.1% , where it’s been since 2016. Japan’s central bankers are far from alone. In fact, on Wednesday, the Bank of Canada again boosted its benchmark interest rate , this time to 4.5%, but also became the first major central bank to announce it plans to hold off on further rate hikes for now. Most wealthy countries have felt the price crunch due to high energy costs, COVID supply chain issues, and the war in Ukraine. We compare inflation numbers for the past year across all G-7 countries.

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