Banff (Canada) (AFP) – Canada’s Finance Minister Francois-Philippe Champagne expressed cautious optimism Tuesday at the start of a G7 finance leaders’ gathering in his country, even as the advanced economies grapple with fallout from trade turbulence. His comments came as finance ministers and central bank governors of the Group of Seven economies — the United States, Japan, Germany, Britain, France, Italy and Canada — meet for three days in Banff, in western Canada.
As he prepared to welcome his counterparts, Champagne told AFP the world’s economies are at a crucial moment in history, adding that Canada’s priority in its G7 presidency is to “restore stability and growth.” “The G7 has always been at the heart of major global issues, and it’s up to us to take up this challenge,” he said in an interview.
The unity of the G7 has been shaken since Donald Trump’s return to the White House in January, with the US president unleashing punishing tariffs on allies and adversaries alike. The wide-ranging levies have also sparked fears of a global economic slowdown, with economists warning they could fuel inflation and weigh on growth.
“We need to go back to basics: the G7 has always played an important role on the macroeconomic level, and brought impetus to the global economy,” said Champagne, who invited his Ukrainian counterpart Sergii Marchenko to open the meetings Tuesday. Champagne stressed that “everyone wins” when trade rules are “fair and predictable.” He believes that Canada can serve as a bridge between G7 members in a turbulent time.
Since returning to the US presidency, Trump has sent shock waves across markets and the global economy as he slapped blanket tariffs on most US trading partners and targeted imports including those of steel and aluminum. He has also threatened higher levies on economies including the European Union, although he has allowed a temporary halt on these higher tariffs.
© 2024 AFP
