The finance ministers of the G7 are meeting in Paris for two days to try to bridge their positions in the face of the economic repercussions of the conflict in the Middle East and to break free from dependence on critical Chinese minerals.
“We will show that multilateralism is useful and that it works,” said French Minister of Economy and Finance Roland Lescure to journalists on Monday morning.
One month before the G7 summit in Evian (June 15-17), France aims to maintain dialogue as geopolitical and trade tensions escalate, affecting international relations, including with the United States under Donald Trump’s administration.
The current challenges include war in the Middle East, unsustainable multilateral balances, rare earth and critical material issues, and development aid, detailed Lescure.
The IMF expects slower global growth and higher inflation in 2026 due to the economic consequences of the war and the blockade of the Strait of Hormuz by Iran.
Amidst concerns about inflation, the finance ministers will also try to resolve disagreements on international trade, marked by US tariffs and Chinese industrial overcapacity, and secure their supply of critical minerals.
Recognizing the current situation would be a significant advancement for the French presidency in a context of trade, geopolitical, and financial tensions.
The G7 meeting, which also includes central bank governors of member countries, comes a few days after Donald Trump’s visit to Beijing without major announcements.
