G7 finance chiefs tread carefully on tariffs, unity

G7 finance chiefs sought to ease tensions over US President Donald Trump’s sweeping tariffs during talks in Banff, Canada, aiming to preserve unity with a focus on non-tariff issues. Despite deep divisions, ministers emphasised progress on shared priorities including support for Ukraine, curbing non-market policies from countries like China, and tackling financial crime. US Treasury Secretary Scott Bessent described meetings as “productive”, while French Finance Minister Eric Lombard noted improved dialogue, even if a joint communique remained uncertain. The group is eager to avoid a repeat of 2018’s fractured “G6 plus one” summit. While France prioritised understanding over statements, Italy’s Giancarlo Giorgetti called a final communique “crucial”, highlighting divergent views on how to maintain G7 cohesion amid rising trade tensions.