US Treasury s Bessent to attend G7 finance meeting focus on imbalances

WASHINGTON - US Treasury Secretary Scott Bessent will attend the Group of Seven (G-7) finance leaders meeting in Canada next week and will seek to refocus the group on addressing trade imbalances and non-market economic practices, a Treasury spokesperson said on May 18.

Mr Bessent will join fellow G-7 finance ministers and central bank governors in the Rocky Mountain resort town of Banff, Alberta. The G-7 includes Canada, the US, Japan, Germany, France, Britain and Italy.

The Treasury spokesperson said Mr Bessent will also discuss with these officials ways to generate more growth led by the private sector. Mr Bessent has also vowed to re-privatise the US economy by cutting government spending and regulation, arguing that it has relied too heavily on the public sector to drive growth.

Mr Bessent attended his first in-person discussion with G-7 finance leaders in April on the sidelines of International Monetary Fund and World Bank meetings, but the group did not issue a joint statement.

This years G-7 chair, Canadian Finance Minister Francois-Philippe Champagne, said at the time the group remained united on many issues, but acknowledged tensions over Mr Trumps tariffs. Mr Champagne added that G-7 finance ministers welcomed Mr Bessents declaration of US support for the IMF and World Bank.

Mr Bessent delivered the pledge along with a call for the IMF and World Bank to refocus on their respective core economic stability and development missions.

The Treasury spokesperson said Mr Bessent also wanted to get the G-7 back to basics and focused on addressing imbalances and non-market practices in both G-7 and non-G-7 countries.

This would include steps to counteract spillover effects from non-market practices into economies that follow market practices, the Treasury spokesperson said, without identifying any specific countries.

Mr Bessent has consistently called out Chinas state-driven non-market economic policies