G7 finance ministers to discuss global economy, Ukraine at Banff summit

Matthew Scace · The Canadian Press

· Posted: May 21, 2025 1:44 PM EDT | Last Updated: 6 hours ago

Top economical officials from the G7 person locked successful for a afloat time of closed-door discussions successful Banff, Alta., to analyse pressing topics, including the planetary system and the warfare successful Ukraine.

The gathering betwixt the group's concern ministers and cardinal slope governors successful the Rocky Mountains is simply a prelude to the G7 leaders' acme successful June successful adjacent Kananaskis, Alta.

It comes successful the aftermath of planetary tariffs initiated successful aboriginal April by the United States, which person caused galore countries to reconsider their trading relationships.

With the slopes of Mount Rundle arsenic a backdrop, Finance Minister Francois-Philippe Champagne and Bank of Canada Governor Tiff Macklem shook hands and stood for a photograph with the radical Wednesday morning.

"We brought the sunshine for you, curate — Canadian sunshine," Champagne, flanked by 2 Mounties, told Japanese Finance Minister Katsunobu Kato successful the courtyard of the Rimrock Resort Hotel.

Leaders of organizations, including the World Bank, the International Monetary Fund and the Financial Stability Board, are besides astatine the meeting.

"We've got tons of fiscal betterment connected the agenda," Macklem said to Klaas Knot, seat of the Financial Stability Board.

"I emotion fiscal stability, contiguous and tomorrow," Knot replied.

U.S. Treasury Secretary Scott Bessent, 1 of the cardinal architects down President Donald Trump's sweeping tariffs, is besides successful Banff, on with Jerome Powell, seat of the U.S. Federal Reserve, whom Trump has threatened to occurrence connected respective occasions successful caller months.

Bessent and Champagne exchanged a affable handshake astatine the photograph opportunity. "It's large to person you here," Champagne said.

In an earlier statement, Bessent's bureau said helium plans to usage the gathering to "focus connected the request to code planetary economical imbalances and non-market practices."

Champagne said Tuesday the "spirit astir the array is constructive," erstwhile it comes to its discussions with the United States.

Ministers did not instrumentality questions from media and aren't expected to remark connected the gathering until it wraps Thursday.

After photos were snapped, the officials marched toward the doors of the edifice successful pairs.

"Let's get to work," Champagne said arsenic helium directed them inside.

The G7 comprises Canada, the United States, France, Germany, Italy, Japan, the United Kingdom and the European Union arsenic a "non-enumerated member."