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Top finance officials from the world’s seven wealthiest democracies have set aside stark differences on US tariffs and agreed to counter global “economic imbalances”, a swipe at China’s trade practices.
Ahead of the meeting of G7 finance ministers and central bank governors there had been doubt about whether there would be a final communique, given divisions over US 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 a lengthy document that was devoid of previous language on fighting climate change, left out their traditional defence of free trade and 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 on Thursday.
“I think it sends a very clear signal to the world ... that the G7 is united in purpose and in action.”
The communique said the G7 members would continue to monitor “nonmarket policies and practices”, which contribute to imbalances in global trade. The statement did not mention China, but “nonmarket policies” typically refer to that country’s export subsidies and currency policies that the Trump administration says give it an advantage in international trade.
The high-profile gathering of officials from the US, Canada, the UK, Japan, Germany, France and Italy appeared to be more congenial than an earlier meeting of G7 foreign ministers in March. That meeting, also in Canada, occurred as Donald Trump was in the middle of threatening stiff tariffs on Canada and suggesting it could become the 51st state.
US treasury secretary Scott Bessent told AFP: “I don’t think there were any major disagreements, I thought the meeting went great.”
German finance minister Lars Klingbeil told reporters it was crucial to “resolve the current trade disputes as quickly as possible,” as tariffs had placed “a heavy burden on the global economy”.
“Our hand is extended,” Klingbeil added.
French finance minister Eric Lombard said: “The atmosphere was warm … We don’t agree on everything, but we talked about everything.”
The G7 statement did not mention the US tariffs, which have disrupted global trade and supply chains and added economic uncertainty.
Champagne downplayed the lack of communique language on tariffs, but said ministers “were not skating around” the issue and discussed the effects during the meeting. Canada is seeking a deal to eliminate Trump’s 25% tariffs on many goods, including steel and aluminium.
“We’re trying to enhance growth and stability. And obviously tariffs are something in that context that you can’t avoid discussing,” Champagne said.
The Chinese embassy in Ottawa said it could not immediately comment on the G7 statement.
The G7 finance chiefs also condemned what they called Russia’s “continued brutal war” against Ukraine and said that if efforts to achieve a ceasefire failed, they would explore all possible options, including “further ramping up sanctions.”
The description of the Ukraine war was watered down from the prior G7 statement issued in October, before Trump’s re-election, calling it an “illegal, unjustifiable, and unprovoked war of aggression against Ukraine”.
Trump has diminished US support for Ukraine and has made statements suggesting that Kyiv was to blame for the conflict as he tries to coax Russia into peace talks.
Diplomatic efforts to end the conflict have accelerated in recent weeks, with Russian and Ukrainian officials holding their first face-to-face talks in more than three years last week in Istanbul.
But the Kremlin said on Thursday that new peace talks with Ukraine had “yet to be agreed,” disputing reports the two nations would soon hold negotiations at the Vatican.
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.
Reuters, Agence France-Presse and Associated Press contributed to this article
