G7 wraps up talks with unified call for stability

May 23, 2025 (MLN): The economic policy uncertainty that has swept the globe is easing, and further progress toward stability remains a shared goal, said G7 finance ministers as they wrapped up talks in western Canada with a show of unity.

In a final communiqué, the G7 which includes the United States, Canada, Britain, France, Germany, Italy, and Japan stated, “We acknowledge that economic policy uncertainty has declined from its peak, and we will work together to achieve further progress.”

The talks, hosted at Banff National Park in the Canadian Rockies, were marked by ongoing concerns over U.S. President Donald Trump’s broad tariffs, which have created turbulence in the global economy.

The gathering was seen as a key test of unity among advanced economies amid renewed trade tensions following Trump's return to office, as APP reported.

Canadian Finance Minister François-Philippe Champagne, the host of the meeting, described the discussions as “constructive and productive,” emphasizing the importance of reducing uncertainty to boost global growth.

Despite a cooperative tone, divisions remained over tariffs. U.S. Treasury Secretary Scott Bessent, who represented the U.S. at the summit, faced persistent criticism over Trump's trade measures.

“Obviously, tariffs are on all of our minds,” said Bank of Canada Governor Tiff Macklem during a closing press conference. He noted that while uncertainty has eased, more work lies ahead.

Bessent, however, downplayed any friction, saying as he left the summit, “I don't think there were any major disagreements, I thought the meeting went great.”

German Finance Minister Lars Klingbeil stressed the urgency of resolving trade conflicts, calling tariffs “a heavy burden on the global economy.” He stated, “Our hand is extended.”

French Finance Minister Eric Lombard echoed a positive outlook, telling AFP, “The atmosphere was warm. We spoke as friends and allies. We don't agree on everything, but we talked about everything.”

Joshua Meltzer, a senior fellow at the Brookings Institution, described the G7’s joint statement as “a very positive sign” ahead of the leaders' summit in June, which Trump is expected to attend.

He added that while it remains uncertain whether peak instability has passed, the message from Bessent signals an intention to reassure global markets.

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