At the G7 finance ministers’ meeting in Banff, Alberta, Canadian Finance Minister François-Philippe Champagne emphasized efforts to restore global stability and growth. Discussions will address excess manufacturing capacity, non-market economic practices, and financial crimes. Tensions are expected over U.S. President Donald Trump’s new tariffs affecting multiple G7 nations. U.S. Treasury Secretary Scott Bessent aims to urge allies to confront China’s state-led, export-driven model. The G7 will also examine measures to curb smuggling of low-value packages from China, part of efforts to reduce fentanyl trafficking. Canada reaffirmed support for Ukraine amid Russia’s invasion and discussed potential assistance in developing a Ukrainian pension system.

G-7 nations are considering implementing de minimis tariffs on low-value Chinese goods to address concerns over market flooding and unfair trade practices. This move targets oversupplied, low-cost products that may undermine local industries.

U.S. President Donald Trump will not attend the upcoming G-20 summit in South Africa, as confirmed by Secretary of State Marco Rubio. The decision underscores the administration’s stance on the summit’s focus areas.

Following a temporary trade truce between China and the U.S., Chinese exporters have accelerated shipments to the U.S. to take advantage of reduced tariffs. In the week starting May 12, bookings on freighters from China to the U.S. more than doubled compared to the previous week.

In anticipation of the U.S. withdrawal from the World Health Organization (WHO), countries including China, Qatar, Switzerland, and Sweden have pledged over $170 million to support the agency. China’s contribution includes a substantial $500 million, positioning it as a leading state donor. The WHO plans to increase mandatory contributions by 20% over two years to mitigate the financial impact of the U.S. exit.