BANFF, Canada — Top finance ministers from the G7 nations gathered Tuesday in Alberta’s scenic mountain town of Banff for critical talks, with the Ukraine war and new U.S. trade tariffs casting long shadows over the agenda.
The three-day summit includes representatives from Britain, Canada, France, Germany, Italy, Japan, and the United States. Ukraine’s finance minister, Sergii Marchenko, also joined, symbolizing ongoing international support for the country as it continues to resist Russia’s invasion.
“This meeting sends a powerful message to the world — we stand with Ukraine,” said Canadian Finance Minister François-Philippe Champagne. He added that the talks would also focus on rebuilding Ukraine’s war-torn economy.
The discussions come as former U.S. President Donald Trump’s return to power has renewed global concerns. His administration’s tough stance on trade — including steep tariffs on allies and rivals — is creating ripples across world markets. Although not officially on the agenda, a Canadian official confirmed that trade and tariffs are expected to come up during broader economic discussions.
U.S. Treasury Secretary Scott Bessent is facing questions about Trump’s tariff policies, which experts warn could push up inflation and slow down global growth. Still, Champagne emphasized a “constructive” tone in talks so far, noting a shared desire to address industrial overcapacity, unfair trade practices, and financial crime.
Japanese and U.S. officials are also set to meet separately to discuss foreign exchange and other economic issues.
Despite a history of strong cooperation, the G7 faces internal uncertainty this year. With shifting politics and rising tensions, the group’s unity is being tested as it seeks to respond to urgent global challenges — from war to trade and beyond.
