Canada seeks to send 'strong message' with Ukraine at G7 finance talks
In meetings through Thursday, leaders will discuss global economic conditions and seek a common position on Ukraine.
Ukrainian Finance Minister Sergii Marchenko's presence "sends a strong message to the world" that members are recommitting to support the country against Russia's invasion, Canadian Finance Minister Francois-Philippe Champagne told reporters Tuesday.
"We're also going to talk about what we're going to be doing in terms of reconstruction," he said in a joint news conference with Marchenko.
The talks in Canada's western province of Alberta come amid an uncertain approach among the G7 democracies towards Ukraine following Trump's return to power.
Once broadly unified, the G7 — Britain, Canada, France, Germany, Italy, Japan and the United States — has been rattled by Trump, who reached out to Russia and slapped tariffs on both allies and competitors.
But Champagne said in an interview that he was cautiously optimistic ahead of meetings despite trade turmoil.
He stressed that "everyone wins" when trade rules are "fair and predictable," adding that Canada can serve as a bridge among members in a turbulent time.
Marchenko said he would seek during the meetings to reiterate Ukraine's position on the need for more pressure on Russia.
'Constructive' spirit
While Trump's levies are not formally on the agenda, a Canadian official told reporters that "trade and tariffs will be embedded in the discussion on the global economy."
Economists warn tariffs could fuel inflation and weigh on growth, and the effects of U.S. trade policy loom over Treasury Secretary Scott Bessent's engagements.
Asked about talks with Bessent, Champagne said Tuesday that despite tension around tariffs, both sides are looking to coordinate actions and tackle concerns including excess industrial capacity, nonmarket practices and financial crimes.
"The spirit around the table is constructive," he said.
Katsunobu Kato, Finance Minister of Japan, arrives to The Rimrock Resort Hotel during the G7 Finance Ministers and Central Bank Governors' Meeting in Banff, Alberta, Canada, on Monday. |
AFP-JIJI
A source briefed on U.S. participation expects China's excess industrial capacity to be discussed, with members sharing concerns on the issue.
A Japanese official said its finance minister plans for a meeting with Bessent, seeking to address topics like foreign exchange.
While the grouping discusses policies and solutions to issues like trade, security and climate change, analysts warned of unpredictability this time amid internal tensions.
'A test'
The gathering in picturesque Banff will be "a test or signal" of the G7's ability to agree on a final statement, a French finance ministry official told reporters Tuesday.
Although Canada's presidency hopes to issue a communique, this outcome must reflect "a shared understanding of the global economic situation and common goals in addressing the challenges," the official said.
"We will not be able to accept language that is completely watered down."
The source briefed on U.S. participation said Washington is not inclined to "do a communique just for the sake of doing a communique," noting a consensus should align with Trump administration priorities too.
German Finance Minister Lars Klingbeil warned Tuesday that trade disputes with the United States should be resolved as soon as possible.
In comments before meeting his counterparts, Klingbeil said tariffs and uncertainties are a burden on the economy and job security.
Trump has slapped a blanket 10% tariff on most U.S. trading partners, threatening higher rates on economies including the European Union and sending jitters through the world economy.
Officials said they are not expecting trade agreements this week, but said the gathering is another chance to find common ground.
But the issue of sanctions on Russia remains uncertain.
Trump said Russia and Ukraine would start peace talks after he spoke Monday with Russian President Vladimir Putin, while the EU formally adopted a new round of Russia sanctions Tuesday.
A source briefed on U.S. participation maintained that all options remain regarding sanctions, but these should be aimed at outcomes like the peace process.
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Japan Times
6 hours ago
- Japan Times
How a call from Trump ignited a frantic week of diplomacy by Ukraine
President Volodymyr Zelenskyy of Ukraine was returning from the front line last week when he joined a pivotal call with U.S. President Donald Trump. Hours earlier, Zelenskyy had visited soldiers defending Ukraine's northeastern Sumy region against Russian ground assaults. Now, stopping in the small city of Romny, he listened on a secure line with other European leaders as Trump outlined Russia's proposal to end the war. Russia, Trump told them, was ready to halt hostilities under a deal involving a territorial exchange between Russia and Ukraine, according to a Kyiv-based European diplomat and a top Ukrainian official who were briefed on the call and spoke on the condition of anonymity to discuss sensitive information. Seeing a chance to broker peace, Trump told those on the line that he would meet one on one with President Vladimir Putin of Russia to try to seal an agreement. 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At first, Kyiv kept Russia's proposal under wraps, worried about how Ukrainians would react, Kraiev said. Most Ukrainians oppose giving up any territory not already under Russian control or formally recognizing Russia's occupation. "It's a classic diplomacy rule: If a possible peace treaty is not acceptable to your public, you limit your comments — you don't say anything,' Kraeiv said. But after Trump disclosed last Friday that a peace deal could include "some swapping of territories,' Zelenskyy had little choice but to push back. "Ukrainians will not gift their land to the occupier,' he said Saturday morning. U.S. President Donald Trump speaks at the Kennedy Center in Washington on Wednesday. | Bloomberg Zelenskyy, however, appears to have not entirely ruled out possible territorial exchanges, telling reporters this week that this is "a very complex issue that cannot be separated from security guarantees for Ukraine.' 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