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3mo ago

G7 Finance Summit Concludes with Progress on Trade, Ukraine, and Economic Imbalances

Finance leaders from the Group of Seven nations finalize talks in Banff, Alberta, addressing U.S.-Canada trade tensions, China's economic practices, and support for Ukraine.

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.
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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

Overview

  • The G7 finance ministers and central bank governors closed their three-day summit in Banff with a draft communiqué targeting unfair global economic practices, particularly China's non-market policies.
  • Canada and the U.S. reported progress in improving strained relations, with Canadian Finance Minister François-Philippe Champagne and U.S. Treasury Secretary Scott Bessent highlighting productive bilateral discussions.
  • Ukrainian Finance Minister Sergii Marchenko urged continued G7 pressure on Russia, emphasizing the need to weaken its war efforts as the conflict in Ukraine persists.
  • President Donald Trump has been confirmed to attend the G7 Leaders' Summit in Kananaskis, Alberta, from June 15–17, where trade tensions and Ukraine will remain key topics.
  • The Royal Canadian Mounted Police announced strict security measures for the leaders' summit, including controlled access zones and temporary airspace restrictions around event venues.