G7 leaders discuss trade tariffs - Talks covered support for Ukraine, China policies
G7 finance ministers sought to find a compromise on US tariffs and maintain unity at their latest meeting. Among the issues discussed were support for Ukraine and China's economic policies.
Finance leaders from the Group of Seven industrialized democracies sought to downplay disagreements over US President Donald Trump's tariffs and find common ground to keep the forum sustainable.
G7 finance ministers took a positive turn in talks in Banff, Canada, to try to reach an agreement covering mostly non-tariff issues. Discussions included support for Ukraine, the threat posed by economic policies from countries like China, and combating financial crime and drug trafficking. “I had a very productive day,” U.S. Treasury Secretary Scott Bessent told reporters when asked about his bilateral meetings.
Finance leaders were trying to avoid a repeat of a divisive G7 finance meeting hosted by Canada in 2018, when Trump's first-term steel and aluminum tariffs made a joint statement impossible. That meeting, described as a "G6 plus one," ended with Canada, Japan, Germany, France, Britain and Italy expressing "unanimous concern and disappointment" about Trump's tariffs.
The US tariffs are much broader this time, but sources within the G7 said there was an attempt to find compromise with Bessent.
"There has been a noticeable improvement in mood," said a spokesman for French Finance Minister Eric Lombard. "We had frank and honest discussions between allies," he added.
Earlier, Lombard said he was willing to leave without a joint statement as long as the G7 reached a better understanding on how to reduce trade imbalances, improve growth policies and the situation in Ukraine.
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