Description: The finance ministers of the world’s seven wealthiest countries met in Alberta, Canada where several global issues were touched upon. Ministers from Germany, France, Italy, the UK, Canada, Japan, and the US discussed the ongoing impact of the US tariffs on global markets, the war in Ukraine and China’s nonmarket policies aimed at putting the country in a dominant position regarding global trade. US Treasury Secretary Scott Bessent also held bilateral meetings with Japan’s Finance Minister Katsunobu Kato and France’s Eric Lombard, as both countries are set to separately negotiate tariffs with the US. The finance leaders mostly focused on discussing the imbalance caused by the tariffs but also agreed upon a joint communique in formulating Russia’s war on Ukraine.
Impact: The G7 meeting although of high diplomatic value represents a mere strategic consolidation and realignment of allied countries against threats such as China and Russia. Unlike the previous G7 meeting in Mar, US presence signals a mild shift in geopolitical narrative which refers to the bolstering of strategic ties with traditional allies. The inconclusiveness in the joint statement issued by the media indicates on existing differences and present dissolution between the European bloc of countries supported by Canada and Japan with the US on key global issues such as the war in Ukraine. The cautious optimism garnered from the statements of the European representatives regarding the remarks from US Treasury Secretary Scott Bessent precipitate a disjointed state of affairs which could impact ongoing trade negotiations and diplomatic efforts to end the war in Ukraine.