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BANFF, Alberta: Top finance officials from the world鈥檚 seven wealthiest democracies set aside stark differences on US tariffs after two days of talks and agreed to counter global 鈥渆conomic imbalances,鈥� a swipe at China鈥檚 trade practices.
In a communiqu茅 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鈥檚 war in Ukraine, compared with last year. But they did agree that further sanctions on Russia could be imposed if the two countries don鈥檛 reach a ceasefire.
The communiqu茅 said the G7 members would continue to monitor 鈥渘onmarket policies and practices鈥� which contribute to imbalances in global trade. The statement did not mention China but nonmarket policies typically refer to that country鈥檚 export subsidies and currency policies that the Trump administration charges gives it an advantage in international trade.

Treasury Secretary Scott Bessent appears to have succeeded in steering the communiqu茅 largely in the direction the Trump administration sought, particularly regarding China鈥檚 trade practices.
The high-profile gathering of officials from the United States, Canada, United Kingdom, Japan, Germany, France, and Italy also 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.
Canada is president of this year鈥檚 G7 and the sessions this week are intended to lay the groundwork for a meeting of the heads of state on June 15-17 in Kananaskis, Canada. The White House said Thursday that Trump will attend that gathering.
鈥淭hroughout our G7 presidency, the tone of the discussions has become progressively more constructive,鈥� Tiff Macklem, governor of the Bank of Canada, said at a news conference at the conclusion of the summit.
Yet that unity appears to have been achieved by jettisoning many items that in the past had been agreed to by the G7 countries. In addition to leaving out any mention of trade, the communiqu茅 dropped sections on combating climate change and cooperating on international tax policy, issues the Trump administration has dismissed.
鈥淭here will always be tension around tariffs,鈥� said Francois-Philippe Champagne, Canada鈥檚 finance minister. 鈥淏ut there are also places where you find common ground. ... This year our focus was to return to the G7 core mission, restoring global growth and stability.鈥�

The shift comes as Trump has slapped widespread tariffs on imports, including a 10 percent global duty on all goods, even those from the other G7 allies. Trump has also imposed 25 percent tariffs on steel, aluminum, and cars, and on April 2 imposed much steeper tariffs on about 60 nations, which he then paused until early July.
Valdis Dombrovskis, European Union Trade Commissioner, said that trade was 鈥渙bviously a difficult topic鈥� during the negotiations. The EU, which participates in the G7 but doesn鈥檛 serve as one of the rotating presidents, pushed for stronger language that would have highlighted the economic harms from tariffs.
鈥淭he US administration is having a somewhat different view of the situation,鈥� Dombrovskis told reporters. He added that details about US tariffs weren鈥檛 discussed because the G7 members are negotiating individually with the Trump administration about duties.
On Ukraine, the communiqu茅 condemned 鈥淩ussia鈥檚 continued brutal war against Ukraine,鈥� yet that language was milder than last year鈥檚, which referred to Russia鈥檚 鈥渋llegal, unjustifiable, and unprovoked full-scale invasion.鈥� Trump officials in the past have pushed to avoid antagonizing Russia while seeking peace talks.
Champagne, however, called the invasion 鈥渋llegal鈥� in Thursday鈥檚 news conference.
Bessent also successfully included an agreement in the statement that 鈥渘o country or entity鈥� that supported Russia鈥檚 war efforts would be able to profit from Ukraine鈥檚 reconstruction, a restriction that would bar Chinese companies from participating.
Dombrovskis said the EU had proposed to lower the current price cap on Russian oil 鈥� previously agreed to as part of early sanctions slapped on Russia in the wake of its 2022 invasion 鈥� to $50, from $60, but the communiqu茅 says little about specific measures.
Still, the EU was largely satisfied with the G7鈥檚 agreements on Ukraine, Dombrovskis said, including the willingness to impose more sanctions. The group also agreed to continue freezing Russia鈥檚 financial assets until they can be used to help pay for Ukraine鈥檚 reconstruction.
Mark Sobel, a former top Treasury Department official and senior adviser to the Center for Strategic and International Studies, criticized the communiqu茅 as 鈥渇eeble.鈥�
The statement 鈥渃loses its eyes to the elephants in the room 鈥� the word 鈥榯ariffs鈥� or a reference to destructive US trade policies are nowhere to be found,鈥� Sobel said.
鈥淥n Ukraine, the G7 will 鈥榚xplore options鈥� if a ceasefire isn鈥檛 reached when the time for action is now,鈥� he added. 鈥淭his risible communiqu茅 cannot hide the fissures in the G7 and hardly bodes well for the larger fractures looming for the upcoming G7 leaders鈥� summit.鈥�
Still, John Kirton, a political scientist at the University of Toronto and director of the G7 Research Group, said it was a positive sign that a communiqu茅 had even been issued. 鈥淭hat was in considerable doubt to the very end,鈥� he said.
Yet both Sobel and Kirton noted there was no reference to US budget deficits and their role in the 鈥済lobal imbalances鈥� the ministers seek to combat. The federal budget deficit, by contributing to higher US demand, worsens the US trade deficit that the Trump administration seeks to reduce.
The communiqu茅 said that 鈥渆conomic policy uncertainty has declined from its peak,鈥� a view that Kirton said was 鈥減uzzling,鈥� given that the US Congress is considering a tax and spending package that has unnerved financial markets this week, pushing up the interest rate on US Treasury securities.
鈥淭here鈥檚 great uncertainty out there in financial markets,鈥� Kirton said. 鈥淭he dollar is going down, and we don鈥檛 know when that will end.鈥�
Bessent held several bilateral meetings on the sidelines of the G7, including with Champagne and Japan鈥檚 Finance Minister Katsunobu Kato.
Bessent and Kato discussed trade and currencies, the Treasury Department said, with both sides agreeing that 鈥渆xchange rates should be market-determined.鈥� The US has often criticized Japan in the past for intervening in currency markets to lower the yen鈥檚 value.
Yet the two sides 鈥渄id not discuss foreign exchange levels,鈥� Treasury said, a sign the US isn鈥檛 pressuring Japan about the yen鈥檚 current value.