US President Donald Trump’s sweeping tariffs have raised tensions among the world’s richest countries, leading to a contentious meeting of the Group of 7 (G7) finance ministers in Banff, Alberta. The annual gathering is typically characterized by cooperation on economic issues, but this year’s discussions may be more challenging due to the tariffs’ impact on growth and trade.
Trump’s tariffs threaten to slow growth in Canada and other G7 nations, including Japan and the European Union. US Treasury Secretary Scott Bessent will attend the meeting for the first time, bringing a moderating influence on tariffs. However, it is unlikely that any significant trade deals will be reached.
The finance officials will focus on smoothing the way toward agreements before a meeting of G7 heads of state in June. They may agree on addressing “global imbalances” in world trade, as advocated by the Trump administration. The issue of Russian oil sanctions also remains a point of contention, with some countries pushing for stricter measures.
The G7’s unity on key issues will be tested during this meeting, particularly regarding the impact of US tariffs and their effect on global stability.
Source: https://www.pbs.org/newshour/economy/trumps-tariffs-will-test-u-s-allies-at-g7-finance-ministers-summit