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G7 finance leaders convened Wednesday in Canada, seeking to restore economic stability amidst turbulence caused by US President Donald Trump's tariffs and to bolster support for Ukraine. The meeting is also being used to address other factors, such as potential trading opportunities.
Once broadly aligned, the grouping -- comprising Britain, Canada, France, Germany, Italy, Japan and the United States -- could struggle for unity amid the upheaval caused by Trump's trade wars.
The US president has spoken of annexing northern neighbor Canada, which holds the G7 presidency this year. But the mood was cordial early Wednesday as leaders came together for a group photograph at a welcome ceremony against a mountainous backdrop in Banff, in the western province of Alberta.
US Treasury Secretary Scott Bessent exchanged greetings with Japanese Finance Minister Katsunobu Kato on the podium, and both sides are expected to meet on currency issues and other topics. Bessent's counterparts are seeking common ground and a lowering of temperatures with the United States on trade, while sources briefed on US participation said Bessent is likely to raise issues like China's non-market practices and excess industrial capacity.
Francois-Philippe Champagne declared as leaders headed into meetings, including sessions on the global economy and situation in Ukraine. The gathering of G7 finance leaders runs from Tuesday through Thursday.
Champagne said at a press briefing Tuesday that Ukrainian Finance Minister Sergii Marchenko's presence in Banff "sends a strong message to the world" that members are recommitting to support the country against Russia's invasion.
Marchenko told reporters he would seek during the gathering to reiterate Ukraine's position on the need for further pressure on Russia.
For his part, Champagne said the G7's role is to "restore stability and growth," and he said in an interview that he was cautiously optimistic ahead of meetings despite trade turmoil.
On Bessent and the pressures from US trade policy, Champagne told reporters that colleagues are eager to speak with the US Treasury chief and discuss frankly how all sides can work together. This week, all eyes will be on whether the G7 can find common wording despite their differences.
