G7 finance ministers to discuss global economy, Ukraine at Banff summit

Top economic officials from the G7 are gathering for a full day of closed-door discussions in Banff, Alta., to examine pressing topics including the global economy and the war in Ukraine.

The meeting in the Rocky Mountains, which wraps up Thursday, is a prelude to the G7 leaders summit in June in nearby Kananaskis, Alta.

It comes in the wake of global tariffs initiated in early April by the United States, which have caused many countries to reconsider their trading relationships.

The office of U.S. Treasury Secretary Scott Bessent says he plans to use the meeting to "focus on the need to address global economic imbalances and non-market practices."

Canadian Finance Minister François-Philippe Champagne says he's looking forward to meeting with Bessent to discuss frankly and openly how they can work together.

The G7 comprises Canada, the United States, France, Germany, Italy, Japan, the United Kingdom and the European Union as a "non-enumerated member."