Summit outcome
Global trade and escalating geopolitical tensions were in focus during the Group of Seven’s (G7) three-day summit in Canada, which is set to conclude today. The G7 comprises the U.S., U.K., France, Germany, Italy, Canada, Japan, and the European Union. Leaders from Australia, India, and Brazil also attended the summit.
Middle East watch: G7 leaders reiterated their support for Israel, saying Iran is the “principal source of regional instability and terror.” They also called for “a broader de-escalation of hostilities in the Middle East, including a ceasefire in Gaza.” Donald Trump struck a more aggressive tone, and even urged Iranians to evacuate Tehran. Trump then abruptly left the summit, with French President Emmanuel Macron claiming that his exit was because of efforts to secure a ceasefire between Israel and Iran. Trump dismissed the claim, saying his reason for leaving early was “much bigger than that.”
Trade updates: Prior to his departure, Trump signed an agreement with U.K. Prime Minister Keir Starmer to lower certain tariffs and ease trade barriers. But the issue of steel and aluminum tariffs remained unresolved. Trump also said a trade deal with Canada would be achievable within days or weeks. “I’m a tariff person,” Trump said. “Mark [Carney] has a different concept… we’re going to see if we can get to the bottom of it.”
Rare earths: Leaders at the summit also drafted a strategy to protect the critical minerals supply chain amid China’s export curbs. “Non-market policies and practices threaten our ability to acquire many critical minerals that are vital for industrial production,” the draft read. “Immediate and scaled investment is required to secure future supply chains and ensure promising mining and processing projects overcome barriers such as delays in permitting and approvals processes, market manipulation, and price volatility.” The draft is still subject to changes before its adoption by G7.
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