Soaring commodity prices are helping Canada weather an economic storm that is threatening G7 members.
With the war in Ukraine, Europe has been hit with rising commodity prices, whether it be energy with gas or agriculture with wheat. At the G7 summit earlier this week, the countries’ leaders said they were working to ensure that Russia does not exploit its position as an energy producer by attacking Ukraine, to the detriment of vulnerable countries.
The G7 countries want to develop a “mechanism to put a global cap on Russian oil prices,” according to a senior White House official. It will also “coordinate to use tariffs on Russian products to help Ukraine,” the same source continued.
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