Background on the G7 and its Current State
Finance ministers from the Group of Seven (G7) nations—comprising the United States, Japan, Germany, the United Kingdom, France, Italy, and Canada—are convening in Canada starting Tuesday. Ukraine has been invited as a guest, and the meeting will largely revolve around two significant topics: the ongoing war with Russia and tariffs imposed by former U.S. President Donald Trump.
Trump’s Tariffs and Their Global Impact
In early April, Trump’s return to the White House brought divisions within the G7, as he announced broad tariffs on imports. Although Trump later suspended these threats temporarily and reached a trade agreement with the United Kingdom, the overall protective stance has heightened concerns about a potential slowdown in global economic growth.
“This will be an unusual G7,” due to tariffs, Ananya Kumar, a researcher at the Atlantic Council think tank, told AFP.
G7’s Efforts to Persuade the U.S.
G7 partners aim to convince Washington to abandon tariffs. U.S. Treasury Secretary Scott Bessent is expected to play a crucial role in these discussions.
Bessent recently helped de-escalate the trade war with China through a significant reduction of three-digit tariffs imposed by both Washington and Beijing. Carl Weinberg, chief economist at High Frequency Economics, noted that Bessent has shown himself to be a “reasonable figure” within the Trump administration.
According to a spokesperson from his department, Bessent will advocate for the G7 to focus on resolving trade imbalances and unfair practices both within and outside the group.
A source close to the U.S. delegation indicated that Washington anticipates a joint condemnation of excessive production in China.
Ukraine’s Presence and Objectives
Ukrainian Finance Minister Sergii Marchenko will attend the meeting, along with the heads of central banks from G7 nations. Ukraine intends to use its presence to persuade the United States to impose additional sanctions on Russia.
Following a phone call with Russian President Vladimir Putin on Monday, Trump stated he had asked Putin when he intended to “end the bloodshed.” European diplomats prioritize ensuring that the G7 demonstrates unequivocal support for Ukraine during the Banff meeting.
