Finance ministers and central bank governors from the G7 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 US tariffs and Washington’s reluctance to refer to Russia’s war on Ukraine as illegal.
However, 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.
Photo: REUTERS
“We found common ground on the most pressing global issues that we face,” Canadian Minister of Finance Francois-Philippe Champagne told the closing news conference.
“I think it sends a very clear signal to the world ... that the G7 is united in purpose and in action,” he said.
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 US 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 US President Donald Trump’s tariffs that are disrupting global trade and supply chains and swelling economic uncertainty.
The gathering sets the stage for a summit of G7 leaders from June 15 to 17 in the nearby mountain resort area of Kananaskis.
Trump would attend the summit, the White House confirmed on Thursday.
The 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.
On the war in Ukraine, the communique also agreed that Russia could face further sanctions if it resisted a push toward a ceasefire.
“If such a ceasefire is not agreed, we will continue to explore all possible options, including options to maximize pressure such as further ramping up sanctions,” it said.
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