[By Guancha Observer Network, Zhang Jingjuan] The finance ministers of the Group of Seven (G7) will hold a meeting this week in Banff, Alberta, Canada.

According to a report by Reuters on the 19th, the finance ministers of six countries may tactfully remind US Treasury Secretary Beasent at this meeting that they are America's closest allies, and it is difficult for them to meet Washington's demands to exert economic pressure on China when they themselves face American coercion.

The report stated that G7 finance ministers will seek consensus on topics such as economic security, support for Ukraine, and artificial intelligence cooperation. It is expected that differences over Trump's tariff policies will be downplayed to demonstrate unity. G7 officials and economic diplomacy experts said that participating countries hope to avoid the disintegration of Western policy alliances, even if this means adopting ambiguous wording or coordinating inconsistent positions.

The US government has imposed so-called "reciprocal" tariffs on some G7 countries, including possible tariff doubling to over 20% for Japan, Germany, France, and Italy. The tariff issue remains a focal point of the meeting. The UK has negotiated a limited trade agreement with the US, facing a 10% tariff on most goods, while host Canada continues to struggle with a 25% tariff.

Reuters noted that although Charles Lichfield, deputy director of the geo-economic center of the Atlantic Council of the United States, pointed out that one should not expect the US to announce more favorable tariff policies for G7 and other allies at this meeting, the six finance ministers may tactfully express dissatisfaction to remind the US that pressuring China economically contradicts its own actions of taxing allies.

Multiple countries also plan to seek tariff reductions from the US through bilateral talks. Currently, the US is negotiating tariffs with Japan. On the 18th, Beasent warned that for trading partners lacking "good faith" in negotiations, the US will restore their tariff rates to the highest level on April 2nd.

Beasent, IC Photo

In the opinion of Mark Sobel, former official of the US Department of Treasury and International Monetary Fund and current chairman of the US region of OMFIF financial policy think tank, Beasent is widely seen as a moderate in Trump's trade agenda, so G7 ministers will "encourage him to promote more moderate government trade policies."

Reportedly, despite differences on tariff issues, Canada and other countries still hope to reach a joint statement to lay the foundation for the upcoming G7 Leaders' Summit in Kanaskis next month.

Insiders said that a draft of the communiqué has been prepared, and Canada is pushing for consensus to indicate that G7 countries are united on a series of issues.

It was reported that Ukrainian Finance Minister Sergey Marchenko will attend, and the EU is preparing new sanctions against Russia. Unlike the $50 billion loan guaranteed by freezing Russian asset revenues promised by G7 in October 2024, this statement may not be as specific.

Lichfield believed that after the failure of direct negotiations held in Istanbul, Turkey, Beasent and other G7 ministers are more likely to agree to increase pressure on Russia through sanctions, but they will not commit to taking concrete actions.

Reuters noted that Beasent reiterated his support for the IMF and World Bank in April, and G7 is expected to reach consensus on this issue. Additionally, combating money laundering and financial crimes, as well as relying on the private sector to drive growth, are also considered potential points of consensus.

Given Trump's opposition to previous green energy policies, climate issues may become a point of contention. Another thorny issue in the negotiations is how G7 can describe economic fluctuations and investment stagnation caused by tariffs without explicitly criticizing Trump's policies.

"My crystal ball is very cloudy, and I really cannot see the future direction," Suzanne Clark, CEO of the US Chamber of Commerce, said at the G7 Business Leaders Conference in Ottawa. She indicated that businesses should continue to advocate shared values such as democracy, rule of law, and open markets.

This article is an exclusive contribution from the Guancha Observer Network and cannot be reprinted without permission.

Original source: https://www.toutiao.com/article/7506370844101263907/

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