Banff, Alberta, May 21, 2025 — Finance ministers and central bank governors from the Group of Seven (G7) nations are meeting in Banff to tackle pressing global economic challenges. Canadian Finance Minister François-Philippe Champagne emphasized the summit's focus on restoring stability and promoting growth amid ongoing geopolitical tensions and trade disputes.

Key Discussion Points

• Trade Imbalances and Non-Market Practices: The ministers are addressing concerns over excess manufacturing capacity and non-market economic practices, particularly those attributed to China's state-led, export-driven model. U.S. Treasury Secretary Scott Bessent is advocating for collective action to confront these issues.
• Financial Crimes and Smuggling: Efforts to combat financial crimes, including the smuggling of low-value packages from China linked to fentanyl trafficking, are on the agenda.
• Support for Ukraine: Canada reaffirmed its commitment to Ukraine, discussing potential assistance in developing a Ukrainian pension system. Ukrainian Finance Minister Serhii Marchenko is advocating for stricter sanctions on Russia, including a more stringent cap on Russian crude oil export prices.

Navigating Tensions

While the G7 aims for unity, tensions persist, especially regarding U.S. President Donald Trump's recent tariffs affecting multiple member nations. Minister Champagne acknowledged these challenges but expressed optimism for collaborative progress.

Looking Ahead

The outcomes of this meeting are expected to influence the upcoming G7 Leaders' Summit scheduled for June 15–17 in Kananaskis, Alberta. The finance ministers' discussions will lay the groundwork for broader policy decisions aimed at fostering global economic resilience.

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