ROME - Finance ministers of France and Germany warned against trade wars during the ongoing Group of Seven (G7) finance meeting in Stresa, northern Italy.

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"We should definitely avoid any kind of trade wars, because the trade war is neither in the interest of the US, nor China, nor Europe, nor any country in the world," Bruno Le Maire, France's Minister of Economy, Finance and Industrial and Digital Sovereignty, told reporters.

Christian Lindner, the Finance Minister of Germany, said that European Union nations should avoid undermining free and fair international trade, as trade wars ultimately result in no winners, only losers.

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Charing the Stresa meeting - as Italy holds the Group's rotating presidency - Italian Economy Minister Giancarlo Giorgetti said the G7 needed to "find right rules to balance between security and free trade on a new stage of globalization."