G7 Leaders Seek Unity Amid Market Turmoil Sparked by U.S. Trade Moves

Amid growing turbulence in global markets triggered by a wave of U.S. tariffs, Canada is actively engaging with key international partners to contain the fallout.

As chair of the Group of Seven (G7) nations, Canada has launched coordinated discussions with Japan and the European Union aimed at preserving financial stability.

In a recent call, Canadian Finance Minister François-Philippe Champagne and his Japanese counterpart Katsunobu Kato shared mounting concerns over the destabilizing effects of Washington’s latest trade measures. Canada also reached out to EU Commissioner Valdis Dombrovskis to assess the wider repercussions.

The flurry of diplomatic outreach follows the Trump administration’s broad tariff rollout on April 2, which sent shockwaves through global markets. Investors, spooked by the uncertainty, began offloading even traditionally safe assets like U.S. Treasuries. Although President Trump has since introduced a temporary pause on most tariffs, he simultaneously hiked levies on Chinese imports—adding fresh pressure to an already fragile environment.

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Japan has signaled its intent to work closely with the G7 and the IMF to address market instability, according to its chief currency official. Canada, meanwhile, reaffirmed its dedication to ongoing collaboration with G7 peers in navigating the turbulence.

Historically, the G7 has served as a platform for unified responses during financial crises. But this time, the disruption stems from within the group’s most powerful member, complicating the usual playbook. Italian Economy Minister Giancarlo Giorgetti said non-U.S. G7 countries have been attempting to steer Washington toward a more measured approach.

The UK confirmed its financial authorities remain in contact with global partners and expects the issue to be a key topic when G20 finance officials gather in Washington for the upcoming IMF spring meetings.

Alexander Stefanov