G7 Finance Ministers Tackle Global Growth Amid Tariff Tensions
The G7 finance ministers are meeting in Banff, Alberta, to address global growth and stability challenges, focusing on excess manufacturing capacity and financial crimes. Discussions include U.S. tariffs under Trump's administration, with emphasis on China's export-driven policies. Tensions persist, but cooperation remains possible.
Finance ministers from the Group of Seven industrial democracies are gathering in Banff, Alberta, aiming to agree on strategies to restore global growth and stability. The Canadian Finance Minister, Francois-Philippe Champagne, highlighted ongoing tensions concerning U.S. tariffs but stressed the importance of 'back to basics' discussions, which will cover excess manufacturing capacity, non-market practices, and financial crimes.
U.S. Treasury Secretary Scott Bessent will engage in bilateral talks during the G7 meetings, focusing on the implications of President Donald Trump's new tariffs on trading partners. Despite the tension, Champagne believes there is room for achieving collective goals, including tackling over-capacity and oppressive financial practices.
The discussions will also address China's state-led economic strategies, deemed responsible for global overproduction and trade disturbances. Meanwhile, G7 members prepare for potential tariff hikes. Additionally, Canada is considering pension reforms to aid Ukraine amid its conflict with Russia, emphasizing ongoing international economic cooperation.
(With inputs from agencies.)
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