Top finance officials from the Group of 7 (G7) member nations will converge in Canada this week for critical discussions overshadowed by escalating concerns regarding a potential global economic downturn sparked by President Trump’s trade war. The meeting promises to be more tense than previous gatherings as tariffs imposed by the Trump administration on both allies and rivals threaten to hinder global economic growth while inflating prices.
The finance ministers from Europe, Japan, and Canada are particularly impacted by the U.S. "America First" agenda, creating a complicated backdrop for the discussions. Tensions between the United States and Canada—this year's host nation—further compound the situation, with Trump's inflammatory remarks about annexation adding to the unease.
Experts predict an uncomfortable atmosphere during the discussions. "I think it's going to be awkward," noted Charles Lichfield, deputy director at the Atlantic Council’s GeoEconomics Center.
The three days of meetings will also tackle pressing global issues such as support for Ukraine, the economic practices of China, and various challenges facing the international economy. However, Trump's trade policies, seen by many economists as a significant threat to global stability, will undeniably take center stage in conversations involving Treasury Secretary Scott Bessent.
This gathering will mark Bessent's first appearance at the G7 after skipping the previous Group of 20 finance ministers meeting in February, taking place at a particularly sensitive time for international relations and economic cooperation.
