The Group of Seven (G7) finance ministers gathered in Banff, Canada, to discuss pressing global issues, including US President Donald Trump’s tariffs and support for Ukraine. Despite initial “difficulties” in the talks, Italian Finance Minister Giancarlo Giorgetti expressed hope that a final statement reflecting G7 unity could be reached. US Treasury Secretary Scott Bessent described the talks as “very productive,” while Canadian Finance Minister Francois-Philippe Champagne emphasized the importance of “frank discussions” in addressing differences.
Champagne declined to comment on whether tariffs were discussed in his bilateral meeting with Bessent but noted that the pair “get along very well.” Japanese Finance Minister Katsunobu Kato voiced concerns about US tariffs, calling them “extremely regrettable” and “not always an appropriate measure to adjust trade imbalances.” Trump has repeatedly expressed concerns about US trade deficits, suggesting his global tariffs aim to balance US exports and imports.
A European official, speaking anonymously, downplayed the importance of a joint statement, saying, “The important thing is not whether there is a communique, but moving forward together.” The official added that Bessent’s presence in Banff was a positive sign, demonstrating the Americans’ engagement in the multilateral system.
The meeting also addressed the ongoing conflict in Ukraine, with UK Finance Minister Rachel Reeves emphasizing the need for continued pressure on Russia’s war machine. Ukrainian Finance Minister Sergii Marchenko reiterated his country’s position on the need for further pressure on Russia, while Reeves called for lowering the $60 price cap on Russian crude oil.
Ananya Kumar, a deputy director at the Atlantic Council, highlighted the significance of the G7 meeting, saying, “It is a significant G7, existentially.” She added that the group’s ability to find consensus amidst global instability would be a key theme of the discussions.