G7 Finance Ministers Unite: Joint Statement Demonstrates Solidarity at Summit
BANFF — Canadian Finance Minister stated on Thursday that there is a feeling of solidarity emerging from this week’s gathering of finance officials and central bank leaders from the G7 countries.
The team convened in Banff, Alberta, just under a month before the G7 leaders summit scheduled for June in the adjacent area of Kananaskis.
A statement was issued highlighting their dedication to maintaining robust economic ties amid worldwide trade instability sparked by the extensive tariffs imposed globally by the United States.
“The best proof of unity is that we have a joint communique,” Finance Minister François-Philippe Champagne said at a news conference.
Champagne mentioned that the summit focused on returning to fundamentals.
He mentioned that the ministers reached consensus on multiple topics, such as fighting monetary crimes and aiding Ukraine during its conflict with Russia. Additionally, they concurred on the importance of tracking and evaluating potential threats posed by artificial intelligence to economic stability.
In addition to Canada and the United States, the G7 includes France, Germany, Italy, Japan, the United Kingdom, and the European Union as a “non-enumerated member.”
The statement failed to address the extensive tariffs imposed by the United States, which keep reverberating throughout the worldwide economic system.
The tariffs were seen as the elephant in the room leading up to the meeting. Champagne mentioned they were addressed, though he provided scant specifics, highlighting instead that the talks included productive discussions on topics ranging from non-market practices to overproduction concerns.
At the gathering, U.S. Treasury Secretary Scott Bessent attended his initial meeting with finance ministers from the G7. Champagne mentioned that they had good chemistry but did not indicate whether Bessent was contemplating modifications to the tariffs.
The Bank of Canada Governor, Tiff Macklem, who was one of the co-chairs for the summit, mentioned that the talks emphasized enhancing communication about tariffs.
Macklem subsequently stated that numerous enterprises have halted their investment plans because of uncertainties surrounding tariffs, and the Canadian economy has exhibited indications of frailty throughout the first half of the year.
From here onward, I believe, largely hinges on how tariffs progress,” he stated. “Securing this clarity would allow us to return to growth. However, should circumstances evolve negatively, the situation could indeed deteriorate further.
Although no significant agreements between nations were reached, the gathering served as an opportunity for fostering relationships, according to Douglas Rediker from the Brookings Institution, a nonpartisan U.S.-based research organization.
Rediker emphasized its significance since Bessent is fresh to managing the nation’s financial affairs. Champagne took office as finance minister in mid-March and had handled various economic responsibilities in her previous capacity as a minister.
John Kirton, who leads the University of Toronto’s G7 Research Group, indicated that he viewed the absence of a stance on tariffs as a constructive move amid the continuing trade conflict.
“The reality that they remained silent about this issue publicly essentially represents an unofficial ceasefire in the tariff conflict,” he stated.
Various other topics were not tackled head-on in the communique either, including the energy shift that was highlighted in the previous year’s declaration.
Champagne characterized Russia’s attack on Ukraine as “unlawful,” whereas the statement denounced Russia’s “cruel conflict” and applauded Ukraine’s “significant fortitude.” Champagne dismissed claims that the phrasing had been obscured.
He added that more generally, the statement is “precise, focused, and geared towards taking action.”
Kirton described the statement about Ukraine as “strong,” highlighting the agreement that none of the countries supporting Russia’s military campaign will profit from Ukraine’s rebuilding process.
Champagne admitted that there were speculations about the countries potentially not reaching an agreement for a joint statement, however, he later informed journalists that managing to create such a document was considered an achievement.
“It’s preferable to produce a communiqué rather than remain silent,” he stated. “In our current era, it can be achievable at times, yet at others, it becomes considerably more challenging.”
Champagne stated that the meeting and communiqué pave the way for the forthcoming G7 leaders’ summit, set to involve Prime Minister Justin Trudeau and U.S. President Donald Trump.
The leaders are scheduled to arrive in the Rockies on June 15 for the three-day gathering.
The report from The Canadian Press was initially released on May 22, 2025.
— With contributions from Craig Lord in Ottawa
Matthew Scace from The Canadian Press