Online Reporter
Finance ministers who’ve gathered in Canada for a Group of Seven meeting this week face a difficult task — trying to find common ground on trade issues while avoiding public conflict with US Treasury Secretary Scott Bessent.
The White House has targeted G-7 allies as part of its expansive agenda, hitting steel, aluminium, automobiles and other goods with new import taxes and threatening even more in the biggest revamp of American trade policy of the postwar era.
Tariffs, and the worsening global economic outlook, will hang over everything as finance chiefs and central bankers meet in the mountains of western Alberta.
“I think this is a very consequential moment for the G-7 in the world,” Canadian Finance Minister Francois-Philippe Champagne told reporters Tuesday. “Our role is to restore stability and growth. I would say those are two main objectives.”
But he carefully dodged questions about the very real fractures between the US and the other members of the exclusive club — Italy, France, Germany, Japan, the UK and Canada.
Ahead of the beginning of the summit, intensive work was underway to find common language that all G-7 members can agree to on trade and Ukraine, the two key sticking points.
Bessent — who has emerged as one of President Donald Trump’s chief trade negotiators — is expected to hold bilateral meetings with each of his counterparts. One topic where the group is likely to find at least some consensus is China. The Canadian hosts have made sure to put Chinese trade practices on the agenda — though some are wary of doing too much China-bashing.
Bessent will advance the US position that Chinese overcapacity is doing great harm to manufacturing and output in other nations. — Bloomberg.
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