France\u2019s finance chief Eric Lombard said the Group of Seven can make progress on resolving differences with the US on divisive issues including trade, even if officials meeting over the next two days fail to deliver a final communique. <\/p>\n
Ministers and central bankers meeting in Canada face the difficult task of avoiding conflict with Treasury Secretary Scott Bessent and finding common ground with a US administration that is hitting its allies with tariffs. Support for Ukraine and tackling the causes of global trade imbalances are also top of the agenda. <\/p>\n
\u201cI don\u2019t think we\u2019ll definitively resolve any of these subjects but it\u2019s clear we are gradually getting improvements and a better understanding,\u201d Lombard told Bloomberg in an interview Wednesday on the sidelines of the G-7. \u201cI\u2019m very practical \u2014 the aim is to progress and if we can\u2019t get a communique, we\u2019ll get one next time, it\u2019s not a problem.\u201d <\/p>\n
Lombard\u2019s comments aim to ease the brinkmanship over the meetings, the success of which is typically measured by whether the group of advanced economies can agree on a joint statement.\u00a0 <\/p>\n
A final agreement on a communique is in doubt on this occasion as the standard language on commitments to a rules-based multilateral system is at odds with the sweeping tariffs imposed by Donald Trump. <\/p>\n
Lombard has sought to deescalate tensions with Washington that peaked in early April when Trump announced so-called reciprocal tariffs on nations around the world, before largely pausing them for 90 days.\u00a0 <\/p>\n
Speaking in Banff, the French finance minister said despite the economic aggression against allies, the US is increasingly confirming its commitments to multilateral negotiations and global issues, including with Bessent\u2019s presence at the meeting.\u00a0 <\/p>\n
\u201cIn reality, after several months of working with this administration, it\u2019s clear that we have strong points of agreement in many areas,\u201d Lombard said.\u00a0 <\/p>\n
One topic where the group is likely to find at least some consensus is on China, which the G-7 called out last year for non-market practices that undermine the economies of other countries.\u00a0 <\/p>\n
Lombard said that while France is concerned about Chinese over-capacities, it is cautious about targeting one country in particular for criticism.\u00a0 <\/p>\n
\u201cChina is an important partner that we can work with \u2014 the problem of global imbalances is broad,\u201d he said.\u00a0 <\/p>\n
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