G-7 FINANCE MINISTERS MEET IN ALBERTA- To foster global growth and stability
Finance ministers from the Group of Seven industrial democracies met on Wednesday with hopes of agreeing on policies to restore global growth and stability according to summit host Canadian Finance Minister Francois-Philippe Champagne.
Champagne stated that the meetings over the next two days in the mountain resort town of Banff, Alberta, will be about “back to basics” and will include discussions about excess manufacturing capacity, non-market practices and financial crimes.
He said discussions would take place within the G7 and bilaterally with U.S. Treasury Secretary Scott Bessent about the impact of President Donald Trump’s new tariffs on trading partners, and that there would always be tension around such issues.
Bessent has sought to push G7 allies to more effectively confront China’s state-led, export-driven economic policies, arguing that this has led to excess manufacturing capacity that is flooding the world with cheap goods and threatening G7 and other market economies.
Champagne also said that the G7 group would discuss ways to better police low-value package shipments from China to combat smuggling.
