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2d ago

G7 Finance Leaders Begin Talks on Trade, Tariffs, and Ukraine in Banff

U.S. Treasury Secretary Scott Bessent pushes focus on trade imbalances and non-market practices, as ministers seek unity on key issues despite tariff disputes.

A bronze seal for the Department of the Treasury is shown at the U.S. Treasury building in Washington, U.S., January 20, 2023. REUTERS/Kevin Lamarque/File Photo
Shipping containers are seen at the port of Oakland, as trade tensions continued over U.S. tariffs with China, in Oakland, California, U.S., May 12, 2025. REUTERS/Carlos Barria/File Photo
U.S. Treasury Secretary Scott Bessent testifies before a House Financial Services Committee hearing on Capitol Hill in Washington, D.C., U.S., May 7, 2025. REUTERS/Nathan Howard/File Photo
G7 talks often center on priorities across members and guests, like sanctions on Russia, but the impact of US tariffs cast a pall this year, analysts say

Overview

  • G7 finance ministers and central bank governors convene in Banff for the first full meeting in over six months, with U.S. Treasury Secretary Scott Bessent attending for the first time.
  • Bessent aims to steer discussions toward trade imbalances and countering China's state-driven economic model, while other members seek relief from U.S. tariffs.
  • A draft communique is being negotiated to demonstrate unity on non-tariff issues, including support for Ukraine and backing for the IMF and World Bank.
  • Ministers are expected to address financial crime, private sector-led growth, and sanctions against Russia, with Ukrainian Finance Minister Serhii Marchenko in attendance.
  • Climate policy language remains a contentious issue, with the U.S. administration opposing prior green energy commitments, complicating efforts to reach consensus.