G7 Finance Summit Begins with Focus on Finding Common Ground on Ukraine and China

Finance chiefs from the Group of Seven industrial democracies gathered in Stresa, Italy, for a two-day meeting to address pressing global economic issues. The main topics on the agenda were providing a loan to Ukraine and countering China’s “unfair” industrial policies.

French Finance Minister Bruno Le Maire proposed using windfall profits from frozen Russian assets to fund a loan to Ukraine, but no concrete decisions were made. U.S. Treasury Secretary Janet Yellen suggested a loan of around $50 billion, but details were still being negotiated due to legal and technical complexities.

The meeting also focused on combating China’s growing export strength, with the U.S. recently imposing steep tariff hikes on Chinese imports. While the U.S. did not call for similar measures from its G7 partners, Yellen urged them to show solidarity.

Italian Economy Minister Giancarlo Giorgetti, chairing the meeting, hinted that the European Union might follow the U.S. lead on tariffs. Discussions on a global minimum tax on multinationals and a proposed global wealth tax on billionaires were also on the agenda.

Despite the challenges and uncertainties, the G7 ministers remained committed to finding solutions to support Ukraine, address China’s trade practices, and promote fair taxation globally. The meeting set the stage for further negotiations leading up to the G7 heads of government summit in June.