Finance ministers and central bank governors from the Group of Seven democracies papered over their differences on Thursday, pledging to tackle “excessive imbalances” in the global economy and saying they could increase sanctions on Russia.
There had been doubt before the meeting whether it would issue a final communique, in light of divisions over U.S. tariffs and Washington’s reluctance to refer to Russia’s war on Ukraine as illegal.
But after three days of talks, participants signed on to a lengthy document devoid of previous language on fighting climate change and which also softened references to the Ukraine war.
“I think it sends a very clear signal to the world … that the G7 is united in purpose and in action.”
The officials, who met in the Canadian Rocky Mountains, called for a common understanding of how “non-market policies and practices” undermine international economic security.
The document did not name China, but references by the United States and other G7 economies to non-market policies and practices are often targeted at its state subsidies and export-driven economic model.
The G7 statement omitted mention of U.S. President Donald Trump’s tariffs that are disrupting global trade and supply chains and swelling economic uncertainty.
Champagne downplayed the lack of communique language on tariffs, but said ministers “were not skating around” the issue and had discussed its impact. Canada seeks a deal to eliminate Trump’s tariffs of 25% on many goods, such as steel and aluminum.
The G7 communique called for an analysis of market concentration and international supply chain resilience.
“We agree on the importance of a level playing field and taking a broadly coordinated approach to address the harm caused by those who do not abide by the same rules and lack transparency,” the grouping said.
It also recognized an increase in low-value international “de minimis” package shipments that can overwhelm customs and tax collection systems and be used for smuggling drugs and other illicit goods.
‘BRUTAL’ BUT NOT ‘ILLEGAL’ WAR
The description of the Ukraine war was watered down from October’s G7 statement, opens new tab, before Trump’s re-election, calling it an “illegal, unjustifiable, and unprovoked war of aggression against Ukraine.”
“That’s a very big statement,” said Champagne, calling it a fundamental pillar of the communique. It did not name China or other countries the West has accused of supplying critical components to Russia in defiance of sanctions.
Russia’s sovereign assets in G7 jurisdictions would remain immobilized until Moscow ended the war and paid for the damage it has caused to Ukraine, the communique said.
European Commission Executive Vice President Valdis Dombrovskis said the G7 ministers discussed a proposal to lower the G7-led price cap of $60 a barrel on Russian oil exports, since Russian crude is now selling below that.
Brent crude currently trades around $64 per barrel.
A European official said the United States is “not convinced” about lowering the Russian oil price cap.
A U.S. Treasury spokesperson said only that Bessent’s G7 engagements “were both pleasant and constructive, and we look forward to our future engagements with all of our G7 partners on issues of mutual interest.”
Bessent came to Banff to the relief of many participants after he skipped a G20 finance meeting in February in the South African city of Cape Town.
G7 officials described his interactions as “constructive” and “flexible” and said some initial stiffness gave way to jokes over dinner.
“We had a feeling that it was a discussion between friends and allies,” a French official said.
Reporting by David Lawder, Promit Mukherjee and Makiko Yamazaki in Banff and Anusha Shah in Bengaluru; Additional reporting by David Ljunggren in Ottawa; Editing by Daniel Wallis and Clarence Fernandez
Información extraída de: https://www.reuters.com/world/china/g7-draft-pledges-tackling-excessive-imbalances-global-economy-bloomberg-news-2025-05-22/
