Particle.news
Download on the App Store
4 ARTICLES
·
18h ago

G7 Finance Leaders Conclude Summit with Draft Pledge on Economic Imbalances and Trade Tensions

Canada and the U.S. report progress in repairing strained relations, but tariffs remain unresolved as G7 focuses on global economic challenges and Ukraine support.

Canada's Finance Minister Francois-Philippe Champagne, second from right, United States secretary of the treasury Scott Bessent, third from right, Governor of the Bank of Canada Tiff Macklem, second from left, and United States Chair of the Federal Reserve Jerome Powel pose with RCMP officers prior to the G7 Finance Ministers meeting in Banff, Alberta, Wednesday, May 21, 2025.
Finance Minister François-Philippe Champagne, centre, speaks with colleagues at the G7 finance ministers meeting in Banff, Alta., on May 21.
Vehicles enter Banff National Park during the G7 Finance Ministers in Canada
Lars Klingbeil, Federal Minister of Finance and Vice Chancellor at G7 meeting in Banff, Canada

Overview

  • The G7 finance ministers and central bank governors concluded their three-day summit in Banff, Alberta, with a draft communiqué addressing global economic imbalances and non-market practices, particularly targeting China's subsidies and overproduction.
  • Canadian Finance Minister François-Philippe Champagne and U.S. Treasury Secretary Scott Bessent reported productive bilateral talks, signaling progress in mending U.S.-Canada relations despite ongoing tariffs on Canadian imports.
  • U.S. tariffs, including a 10% baseline tariff and a 25% levy on Canadian autos, remain a significant point of contention, with G7 partners working toward a negotiated resolution.
  • The summit included discussions on financial crime, artificial intelligence, and continued support for Ukraine, with Ukrainian Finance Minister Sergii Marchenko urging sustained pressure on Russia and adjustments to sanctions policies.
  • The draft communiqué reflects a coordinated G7 stance on addressing unfair trade practices and fostering economic stability, setting the stage for the upcoming G7 leaders' meeting in June.