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4w ago

G7 Finance Officials Open Summit in Banff to Tackle Trade, Ukraine, and Economic Stability

Discussions focus on U.S. tariffs, support for Ukraine, and addressing global overcapacity and non-market practices.

Banff Avenue is pictured prior to the G7 Finance Ministers meeting in Banff, Alta., Tuesday, May 20, 2025.THE CANADIAN PRESS/Jeff McIntosh
Canadian Finance Minister François-Philippe Champagne (L), and Ukrainian Finance Minister Sergii Marchenko hold a press conference during the G7 Finance Ministers and Central Bank Governors' Meeting in Banff, Alberta, Canada on May 20, 2025. Top finance leaders from the G7 nations gather in Canada starting Tuesday, with concerns including war in Ukraine at the fore while the advanced economies grapple with fallout from US President Donald Trump's sweeping tariffs. (Photo by Cole Burston/ / AFP) (Photo by COLE BURSTON//AFP via Getty Images)
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G7 finance ministers and central bank governors pose for a group photo during the G7 finance ministers and central bank governors meeting in Banff, Alberta, Canada, May 21, 2025. REUTERS/Todd Korol

Overview

  • Finance ministers and central bank governors from G7 nations have convened in Banff for a three-day summit to address pressing global economic challenges.
  • U.S. Treasury Secretary Scott Bessent and Ukrainian Finance Minister Sergii Marchenko are key participants, with Ukraine's financial support and reconstruction plans taking center stage.
  • U.S. President Donald Trump's sweeping tariffs on allies have created significant tensions, complicating efforts to foster unity and consensus among G7 members.
  • The summit agenda includes discussions on regulating low-value shipments from China to combat smuggling and address trade imbalances.
  • The outcomes of these meetings will shape the agenda for the G7 Leaders’ Summit in Kananaskis, scheduled for mid-June.