G7 nations paper over differences on tariffs and Ukraine, agree to address 'imbalances'

BANFF, Alberta (AP) — Top finance officials from the world’s seven wealthiest democracies set aside stark differences on U.S. tariffs and agreed to counter global “economic imbalances,” a swipe at China’s trade practices.

In a communiqué issued Thursday, the Group of Seven finance ministers and central bank governors, meeting in the Canadian Rockies, left out their traditional defense of free trade and toned down their references to Russia’s war in Ukraine compared with last year. But they did agree that further sanctions on Russia could be imposed if the two countries don’t reach a ceasefire.

The communiqué said the G7 members would continue to monitor “nonmarket policies and practices” which contribute to imbalances in global trade. The statement did not mention China but nonmarket policies typically refer to that country’s export subsidies and currency policies that the Trump administration charges gives it an advantage in international trade.

The high-profile gathering of officials from the United States, Canada, United Kingdom, Japan, Germany, France, and Italy appeared to be more congenial than an earlier meeting of G7 foreign ministers in March. Yet that meeting, also in Canada, occurred as President Donald Trump was in the midst of threatening stiff tariffs on Canada and suggesting it could become the 51st state.