G7 Nations Forge Unity Amid Global Economic Challenges

The Group of Seven (G7) finance ministers and central bank governors concluded their meeting in Canada with a pledge to tackle global economic issues, notably addressing "excessive imbalances" and hinting at further sanctions on Russia. Despite initial doubts about a consensus, especially concerning U.S. tariffs, a comprehensive communique was signed.

Canadian Finance Minister Francois-Philippe Champagne emphasized the unity among G7 members on key global challenges, underscoring the group's cohesive stance to address non-market policies, often associated with China, that undermine economic security. While U.S. tariffs were not explicitly mentioned, their impact on global trade was acknowledged in discussions.

In their statement, the G7 prioritized assessing market concentration and supply chain resilience while addressing "de minimis" shipments' impact on customs and tax systems. The statement also condemned Russia's ongoing conflict in Ukraine, maintaining the immobilization of Russian assets until war reparations are met.

(With inputs from agencies.)