Canada sought to send a firm message with a Ukrainian minister’s presence at the start of a G7 finance leaders gathering Tuesday, where war in Ukraine and economic turmoil from US President Donald Trump’s tariffs remain top of mind.
Ukraine’s presence “sends a strong message to the world” that members are recommitting to support the country against Russia’s invasion, Canadian Finance Minister Francois-Philippe Champagne told reporters Tuesday.
The talks in Canada’s western province of Alberta come amid an uncertain approach among the G7 democracies towards Ukraine following Trump’s return to power.
A Japanese official told AFP its finance minister plans for a meeting with Bessent, seeking to address topics like foreign exchange.
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At the opening of a G7 finance leaders meeting Tuesday, where the war in Ukraine and economic instability brought on by US President Donald Trump’s tariffs remain top concerns, Canada attempted to send a strong message by inviting a Ukrainian minister.
Leaders have invited their representatives to attend meetings through Thursday to discuss the state of the world economy and find a shared stance on Ukraine.
Canadian Finance Minister Francois-Philippe Champagne told reporters Tuesday that the country’s presence “sends a strong message to the world” that members are reaffirming their commitment to help Ukraine fight Russia’s invasion.
During a joint news conference with his Ukrainian counterpart Sergii Marchenko, he stated, “We’re also going to talk about what we’re going to be doing in terms of reconstruction.”.
Following Trump’s return to power, the G7 democracies have taken an ambiguous stance toward Ukraine, which is reflected in the negotiations taking place in Alberta, a province in western Canada.
Once largely united, the G7 (Britain, Canada, France, Germany, Italy, Japan, and the United States) has been rocked by Trump’s outreach to Russia and imposition of tariffs on both allies and rivals.
Marchenko stated that he would aim to restate Ukraine’s stance on the necessity of increased pressure on Russia during the meetings.
“Constructive” mindset.
Reporters were informed by a Canadian official that “trade and tariffs will be embedded in the discussion on the global economy,” even though Trump’s taxes are not officially on the agenda.
Treasury Secretary Scott Bessent’s engagements are threatened by the consequences of US trade policy, and economists warn that tariffs could increase inflation and slow growth.
When asked about discussions with Bessent, Champagne stated on Tuesday that both parties are seeking to coordinate efforts and address issues such as excess industrial capacity, non-market practices, and financial crimes, despite the tension surrounding tariffs.
“The atmosphere at the table is positive,” he stated.
Members will share concerns about China’s excess industrial capacity, according to a source briefed on US participation.
A Japanese official told AFP that the country’s finance minister intends to meet with Bessent to discuss issues such as foreign exchange.
Analysts cautioned of unpredictability this time around due to internal tensions, even as the group discusses policies and solutions to issues like trade, security, and climate change.
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“A test”.
“A test or signal” of the G7’s ability to reach a consensus on a final statement will be the meeting in picturesque Banff,” a French finance ministry official told reporters Tuesday.
The official stated that there must be “a shared understanding of the global economic situation and common goals in addressing the challenges” in the communique that Canada’s presidency intends to release.
Language that has been totally watered down will not be acceptable to us. “..”.
Washington is not inclined to “do a communique just for the sake of doing a communique,” according to the source briefed on US participation, adding that a consensus should also be in line with Trump administration priorities.
Lars Klingbeil, Germany’s finance minister, issued a warning on Tuesday that trade disputes with the United States need to be settled quickly.
Prior to his meeting with his counterparts, Klingbeil stated that uncertainty and tariffs are detrimental to the economy and job security.
Trump has threatened to impose higher tariffs on economies, including the European Union, and has sent shivers through the global economy by imposing a blanket 10 percent tariff on the majority of US trading partners.
Read more The European Union releases a list of US imports that will be subject to reciprocal tariffs in the Trump trade war.
Although officials told AFP that they do not anticipate trade agreements this week, they said the meeting is another opportunity to reach an agreement.
Sanctions against Russia, however, are still up in the air.
Trump announced that Russia and Ukraine would begin peace negotiations following his meeting with Russian President Vladimir Putin on Monday. On Tuesday, the European Union formally adopted a new set of sanctions against Russia.
All sanctions options are still available, according to a source briefed on US involvement, but they should be directed toward results like the peace process.
With AFP, France 24.
