BANFF, Alberta--Finance ministers and central bank governors from the Group of Seven democracies papered over their differences on Thursday, pledging to address "excessive imbalances" in the global economy and saying they could increase sanctions on Russia.
Ahead of the meeting there had been doubt about whether there would be a final communique, given divisions over U.S. tariffs and Washington's reluctance to refer to Russia's war on Ukraine as illegal.But after talks that stretched over three days, participants signed on to a lengthy document that was devoid of previous language on fighting climate change and had softened references to the Ukraine war.
"We found common ground on the most pressing global issues that we face," Canadian Finance Minister Francois-Philippe Champagne told the closing press conference."I think it sends a very clear signal to the world ... that the G7 is united in purpose and in action."
The finance ministers and central bank governors, who met in the Canadian Rocky Mountains, said there was a need for a common understanding of how "non-market policies and practices" undermine international economic security.The document did not name China, but references by the U.S. and other G7 economies to non-market policies and practices often are targeted at China's state subsidies and export-driven economic model.
The G7 statement also did not mention the tariffs imposed by U.S. President Donald Trump that are disrupting global trade and supply chains and adding economic uncertainty.Champagne downplayed the lack of communique language on tariffs, but said ministers "were not skating around" the issue and discussed their impacts during the meeting. Canada is seeking a deal to eliminate Trump's 25% tariffs on many goods, including steel and aluminum."We're trying to enhance growth and stability. And obviously tariffs are something in that context that you can't avoid discussing,"
The finance meeting sets the stage for a G7 leaders summit June 15-17 in the nearby mountain resort area of Kananaskis. Trump will attend the summit, the White House confirmed on Thursday.
The G7 communique called for an analysis of market concentration and international supply chain resilience."We agree on the importance of a level playing field and taking a broadly coordinated approach to address the harm caused by those who do not abide by the same rules and lack transparency," it said.
The communique also recognized an increase in low-value international "de minimis" package shipments that can overwhelm customs and tax collection systems and be used for smuggling drugs and other illicit goods.The duty-free de minimis exemption for packages valued below $800 has been exploited by Chinese e-commerce companies including Shein and Temu PDD.O.
