G7 Finance Leaders: Seeking Unity Amid Tariff Tensions
G7 finance leaders aim for unity amidst tensions over U.S. tariffs under President Trump, discussing economic security, AI cooperation, and Ukraine. Although disagreements persist, officials strive for consensus ahead of a G7 summit. U.S. Treasury Secretary Scott Bessent will push back against China’s economic strategies while navigating complex negotiations.
The Group of Seven (G7) finance leaders will converge this week to project unity, despite looming tensions over U.S. President Donald Trump's tariff policies. Key discussions will include economic security and artificial intelligence, but a priority remains preventing fractures within the powerful Western policy alliance.
U.S. Treasury Secretary Scott Bessent, joining other finance ministers in Banff, Alberta, faces a crucial test as Trump's steep tariffs take center stage. Notably, G7 members like Japan, Germany, France, and Italy bristle at potential tariff hikes beyond 20% by July.
As negotiations unfold, Bessent's role as a moderating force is pivotal. His stance against China's state-driven economic practices adds another dimension to the talks, while collaborative efforts focus on agreeing upon a joint statement highlighting Ukraine support and reaffirming commitment to the IMF and World Bank.
(With inputs from agencies.)
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