Top finance officials from G7 countries gather in Banff for 3-day summit

Matthew Scace · The Canadian Press

· Posted: May 20, 2025 6:24 PM EDT | Last Updated: 2 hours ago

High-ranking officials from the world's apical economies are successful Banff, Alta., this week for a three-day acme that volition screen topics including the planetary economy, the warfare successful Ukraine and artificial intelligence.

The gathering comes during a play of heightened instability arsenic U.S. President Donald Trump continues his tariff-driven effort to bring manufacture to American soil, starring galore countries to reconsider their commercialized relationships with the United States and different trading partners.

The gathering volition besides beryllium a precursor to the meetings that volition hap successful Kananaskis, Alta., erstwhile North American, European and Japanese leaders stitchery for the G7 leaders' acme from June 15 to 17.

Kananaskis past hosted the gathering successful 2002.

Rookie Canadian Finance Minister François-Philippe Champagne and Bank of Canada politician Tiff Macklem volition pb the meetings scheduled for Wednesday and Thursday.

A spokesperson for Champagne says the Finance Department is moving intimately with the Prime Minister's Office connected priorities for the meetings and the leaders' summit. The ministry did not supply details connected circumstantial agreements it's looking to reach.

Despite ongoing hostility astir tariffs, the spokesperson said, the gathering volition beryllium an accidental for the countries to enactment together.

The White House did not corroborate who would beryllium travelling to Banff for the meetings. U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick person been the main architects down Trump's economical strategy, and astatine slightest 1 volition apt attend.

Jerome Powell, seat of the U.S. Federal Reserve, has been a regular astatine the meetings since helium was nominated to pb the U.S. cardinal slope successful 2018. Trump has badgered Powell successful caller months for not cutting involvement rates and has threatened to occurrence him.

Support for Ukraine has been a cardinal absorption successful caller years.

In Italy past year, leaders committed to keeping Russian assets frozen and redirecting them to supply Ukraine with fiscal support. Ukrainian Finance Minister Sergii Marchenko volition beryllium astatine the meetings, adjacent though the state is not a subordinate of the G7.

Much has changed successful the past year, which saw Trump's re-election to the astir almighty bureau successful the world.

Since his January inauguration, the U.S. president has threatened to withhold backing from Ukraine and forced it to motion a captious minerals statement successful speech for continued enactment against Russia's aggression.

Direct bid talks betwixt Ukraine and Russia broke down aft 2 hours past week. The countries each released 1,000 prisoners of warfare earlier the meetings concluded.

The G7 countries volition besides sermon artificial intelligence, cybersecurity and the planetary system successful their meetings this week.

The heads of the International Monetary Fund, World Bank and Organization for Economic Co-operation and Development are besides travelling to Banff.

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