By The Canadian Press

Top finance officials from G7 countries gather in Banff for three-day summit

May 20, 2025 | 2:00 AM

BANFF — High-ranking officials from the world’s top economies are in Banff, Alta., this week for a three-day summit that will cover topics including the global economy, the war in Ukraine and artificial intelligence.

The meeting comes during a period of heightened instability as U.S. President Donald Trump continues his tariff-driven effort to bring industry to American soil, leading many countries to reconsider their trade relationships with the United States and other trading partners.

The gathering will also be a precursor to the meetings that will happen in Kananaskis, Alta., when North American, European and Japanese leaders gather for the G7 Leaders’ Summit from June 15 to 17.

Kananaskis last hosted the meeting in 2002.

Rookie Canadian Finance Minister François-Philippe Champagne and Bank of Canada governor Tiff Macklem will lead the meetings scheduled for Wednesday and Thursday.

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A spokesperson for Champagne says the Finance Department is working closely with the Prime Minister’s Office on priorities for the meetings and the leaders’ summit. The ministry did not provide details on specific agreements it’s looking to reach.

Despite ongoing tension around tariffs, the spokesperson said, the meeting will be an opportunity for the countries to work together.

The White House did not confirm who would be travelling to Banff for the meetings. U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick have been the main architects behind Trump’s economic strategy, and at least one will likely attend.

Jerome Powell, chair of the U.S. Federal Reserve, has been a regular at the meetings since he was nominated to lead the U.S. central bank in 2018. Trump has badgered Powell in recent months for not cutting interest rates and has threatened to fire him.

Support for Ukraine has been a central focus in recent years.

In Italy last year, leaders committed to keeping Russian assets frozen and redirecting them to provide Ukraine with financial support. Ukrainian Finance Minister Sergii Marchenko will be at the meetings, even though the country is not a member of the G7.

Much has changed in the past year, which saw Trump’s re-election to the most powerful office in the world.

Since his January inauguration, the U.S. president has threatened to withhold funding from Ukraine and forced it to sign a critical minerals agreement in exchange for continued support against Russia’s aggression.

Direct peace talks between Ukraine and Russia broke down after two hours last week. But before the meetings concluded, the two countries had committed to exchanging 1,000 prisoners of war.

The G7 countries will also discuss artificial intelligence, cybersecurity and the global economy in their meetings this week.

The heads of the International Monetary Fund, World Bank and Organization for Economic Co-operation and Development are also travelling to Banff.

The G7 comprises Canada, the U.S., France, Germany, Italy, Japan, United Kingdom and the European Union.

— With files from The Associated Press.

This report by The Canadian Press was first published May 20, 2025.

Matthew Scace, The Canadian Press