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4d ago

G7 Finance Ministers Open Talks in Canada, Focus on Trade and Economic Unity

US Treasury Secretary Scott Bessent seeks to redirect discussions toward trade imbalances and non-market practices as members negotiate tariff relief and advance a joint communique.

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
Treasury Secretary Scott Bessent testifies before the House Committee on Appropriations, Subcommittee on Financial Services and General Government, oversight hearing of the U.S. Department of the Treasury on Capitol Hill in Washington, Tuesday, May 6, 2025. (AP Photo/Jose Luis Magana)

Overview

  • The G7 finance ministers' meeting in Banff has begun, with US Treasury Secretary Scott Bessent advocating for a focus on trade imbalances and countering non-market economic practices, particularly targeting China's state-led economic model.
  • Bilateral talks are underway, with Bessent leading discussions with Japan to address steep US tariffs, which could double to 20% or more for some G7 nations by July if no agreements are reached.
  • A draft communique is expected to emphasize support for Ukraine, backing for the IMF and World Bank, and enhanced cooperation on financial crime, signaling unity on key non-tariff issues.
  • Bessent continues to push his agenda of 're-privatising' the US economy by reducing public sector intervention and promoting private sector-led growth.
  • Canadian Finance Minister Francois-Philippe Champagne aims to secure consensus among G7 members to project cohesion ahead of the G7 leaders' summit in June.