BANFF, Alberta – Finance ministers and central bank governors from the G7 nations convened in Banff on Wednesday for a day of closed-door discussions focused on the global economy and the ongoing war in Ukraine. This meeting serves as a precursor to the G7 leaders' summit scheduled for June in nearby Kananaskis, Alberta.

The gathering comes amid heightened tensions in international trade, particularly following the implementation of global tariffs by the United States in early April. These tariffs have prompted many countries to reassess their trading relationships, making the discussions in Banff particularly timely.

Against the stunning backdrop of Mount Rundle, Canadian Finance Minister François-Philippe Champagne and Bank of Canada Governor Tiff Macklem welcomed their counterparts, including Japan's Finance Minister Katsunobu Kato. "We brought the sunshine for you, minister — Canadian sunshine," Champagne quipped during a photo opportunity, flanked by two Royal Canadian Mounted Police officers.

The meeting also includes leaders from major financial organizations such as the World Bank, the International Monetary Fund, and the Financial Stability Board. Macklem emphasized the importance of the agenda, stating, "We’ve got lots of financial reform on the agenda," to which Klaas Knot, chair of the Financial Stability Board, responded, "I love financial stability, today and tomorrow."

U.S. Treasury Secretary Scott Bessent, a key figure behind President Donald Trump's tariff policies, is present at the summit alongside Jerome Powell, chair of the U.S. Federal Reserve. Bessent's office indicated that he aims to address global economic imbalances and non-market practices during the discussions. Champagne noted that the atmosphere among the ministers is "constructive" regarding U.S. relations.

As the day progressed, the ministers refrained from taking questions from the media, with expectations to remain tight-lipped until the conclusion of the summit on Thursday. After the photo session, the officials proceeded into the hotel, with Champagne urging, "Let’s get to work."

The G7, which includes Canada, the United States, France, Germany, Italy, Japan, the United Kingdom, and the European Union as a non-enumerated member, is focusing on critical financial reforms and international cooperation in the face of evolving global challenges.