G7 Finance Leaders Navigate Tariff Tensions and Global Economic Challenges

Finance leaders from the Group of Seven democracies convene this week in Banff, Alberta, to project unity while navigating disputes over U.S. President Donald Trump's tariffs and other pressing issues like economic security, Ukraine, and AI collaboration.

The meeting aims to maintain Western alliance cohesion, albeit with potentially vague statements and actions. U.S. Treasury Secretary Scott Bessent will join fellow G7 ministers, addressing Trump's contentious tariffs head-on, as Japan, Germany, France, and Italy face significant duty hikes, with Canada still challenging separate tariffs.

Bessent emphasizes countering China's economic model, promoting tariff negotiations, and advocating IMF and World Bank support. While some G7 sources anticipate consensus on issues like financial crime prevention, climate change language remains divisive, especially in light of Trump's previous green energy stance.

(With inputs from agencies.)