By AFP
May 21, 2025
The gathering of G7 finance ministers and central bank governors in Canada could find less agreement this year amid economic worries stemming from US President Donald Trump's tariffs - Copyright AFP Cole Burston/
Beiyi SEOW
G7 finance leaders exchanged pleasantries before tough discussions Wednesday, seeking to restore stability in the face of economic turbulence from US President Donald Trump’s punishing tariffs — and to strengthen support for Ukraine.
The gathering of finance ministers and central bank governors from the Group of Seven nations in Canada is seen as a test of cohesion among the advanced economies, as Trump’s trade policies threaten to drag down economic growth.
Once broadly aligned, the grouping — comprising of Britain, Canada, France, Germany, Italy, Japan and the United States — could struggle for unity amid the upheaval caused by Trump’s trade wars.
The US president has spoken of annexing northern neighbor Canada, which holds the G7 presidency this year.
But the mood was cordial early Wednesday as leaders came together for a group photograph at a welcome ceremony against a mountainous backdrop in Banff, in the western province of Alberta.
US Treasury Secretary Scott Bessent exchanged greetings with Japanese Finance Minister Katsunobu Kato on the podium, and both sides are expected to meet on currency issues and other topics.
Bessent’s counterparts are seeking common ground and a lowering of temperatures with the United States on trade, while sources briefed on US participation said Bessent is likely to raise issues like China’s non-market practices and excess industrial capacity.
The G7 is also expected to discuss potential fees on low-value imports from China.
“Let’s go to work,” Canadian Finance Minister Francois-Philippe Champagne declared as leaders headed into meetings, including sessions on the global economy and situation in Ukraine.
The gathering of G7 finance leaders runs from Tuesday through Thursday.
Champagne told at a press briefing Tuesday that Ukrainian Finance Minister Sergii Marchenko’s presence in Banff “sends a strong message to the world” that members are recommitting to support the country against Russia’s invasion.
Marchenko told reporters he would seek during the gathering to reiterate Ukraine’s position on the need for further pressure on Russia.
– ‘Stability and growth’ –
For his part, Champagne said the G7’s role is to “restore stability and growth,” and he told AFP in an interview that he was cautiously optimistic ahead of meetings despite trade turmoil.
He stressed that “everyone wins” when trade rules are “fair and predictable,” expressing his belief that Canada can serve as a bridge among members in a turbulent time.
On Bessent and the pressures from US trade policy, Champagne told reporters that colleagues are eager to speak with the US Treasury chief and discuss frankly how all sides can work together.
This week, all eyes will be on whether the G7 can find common wording despite their differences.
A French official earlier said that although Canada’s presidency hopes to issue a communique, France would not accept “watered down” language.
A source briefed on US participation said a consensus should align with Trump administration priorities as well.
“It is a significant G7 existentially,” said Ananya Kumar, a deputy director at Washington-based think tank the Atlantic Council.
“I don’t think in any of the past years, people have questioned the US’s relationship with the other G7 member states as much as they have in the last 100 days,” she told AFP ahead of the gathering.
“The big theme is going to be how do we prevent global instability, how do we find consensus in this chaos?”
Canadian host of G7 finance talks ‘optimistic’ despite trade turmoil
By AFP
May 20, 2025
Canadian Finance Minister François-Philippe Champagne speaks at a press conference during the G7 Finance Ministers and Central Bank Governors' Meeting in Banff, Alberta, Canada - Copyright AFP Paul ELLIS
Canada’s Finance Minister Francois-Philippe Champagne expressed cautious optimism Tuesday at the start of a G7 finance leaders’ gathering in his country, even as the advanced economies grapple with fallout from trade turbulence.
His comments came as finance ministers and central bank governors of the Group of Seven economies — the United States, Japan, Germany, Britain, France, Italy and Canada — meet for three days in Banff, in western Canada.
As he prepared to welcome his counterparts, Champagne told AFP the world’s economies are at a crucial moment in history, adding that Canada’s priority in its G7 presidency is to “restore stability and growth.”
“The G7 has always been at the heart of major global issues, and it’s up to us to take up this challenge,” he said in an interview.
The unity of the G7 has been shaken since Donald Trump’s return to the White House in January, with the US president unleashing punishing tariffs on allies and adversaries alike.
The wide-ranging levies have also sparked fears of a global economic slowdown, with economists warning they could fuel inflation and weigh on growth.
“We need to go back to basics: the G7 has always played an important role on the macroeconomic level, and brought impetus to the global economy,” said Champagne, who invited his Ukrainian counterpart Sergii Marchenko to open the meetings Tuesday.
Champagne stressed that “everyone wins” when trade rules are “fair and predictable.”
He believes that Canada can serve as a bridge between G7 members in a turbulent time.
Since returning to the US presidency, Trump has sent shock waves across markets and the global economy as he slapped blanket tariffs on most US trading partners and targeted imports including those of steel and aluminum.
He has also threatened higher levies on economies including the European Union, although he has allowed a temporary halt on these higher tariffs.
By AFP
May 20, 2025
Canadian Finance Minister François-Philippe Champagne speaks at a press conference during the G7 Finance Ministers and Central Bank Governors' Meeting in Banff, Alberta, Canada - Copyright AFP Paul ELLIS
Canada’s Finance Minister Francois-Philippe Champagne expressed cautious optimism Tuesday at the start of a G7 finance leaders’ gathering in his country, even as the advanced economies grapple with fallout from trade turbulence.
His comments came as finance ministers and central bank governors of the Group of Seven economies — the United States, Japan, Germany, Britain, France, Italy and Canada — meet for three days in Banff, in western Canada.
As he prepared to welcome his counterparts, Champagne told AFP the world’s economies are at a crucial moment in history, adding that Canada’s priority in its G7 presidency is to “restore stability and growth.”
“The G7 has always been at the heart of major global issues, and it’s up to us to take up this challenge,” he said in an interview.
The unity of the G7 has been shaken since Donald Trump’s return to the White House in January, with the US president unleashing punishing tariffs on allies and adversaries alike.
The wide-ranging levies have also sparked fears of a global economic slowdown, with economists warning they could fuel inflation and weigh on growth.
“We need to go back to basics: the G7 has always played an important role on the macroeconomic level, and brought impetus to the global economy,” said Champagne, who invited his Ukrainian counterpart Sergii Marchenko to open the meetings Tuesday.
Champagne stressed that “everyone wins” when trade rules are “fair and predictable.”
He believes that Canada can serve as a bridge between G7 members in a turbulent time.
Since returning to the US presidency, Trump has sent shock waves across markets and the global economy as he slapped blanket tariffs on most US trading partners and targeted imports including those of steel and aluminum.
He has also threatened higher levies on economies including the European Union, although he has allowed a temporary halt on these higher tariffs.
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