High-ranking officials from the world’s top economies are currently in Banff, Alberta for a three-day summit covering topics such as the global economy, the ongoing war in Ukraine, and the advancements in artificial intelligence.

This meeting comes at a time of heightened instability, with U.S. President Donald Trump’s tariff policies causing many nations to reassess their trade relationships with the United States and other partners.

The summit in Banff will serve as a precursor to the upcoming G7 leaders’ summit in Kananaskis, Alberta, where North American, European, and Japanese leaders will convene from June 15 to 17. Kananaskis previously hosted the meeting in 2002.

Rookie Canadian Finance Minister François-Philippe Champagne and Bank of Canada governor Tiff Macklem are leading the discussions scheduled for Wednesday and Thursday.

A spokesperson for Minister Champagne stated that the Finance Department is collaborating closely with the Prime Minister’s Office on the summit’s priorities, without specifying any particular agreements sought to be reached.

Despite trade tensions, the spokesperson emphasized the importance of countries working together during the summit.

The White House has not confirmed the attendance of any specific officials at the Banff meetings. U.S. Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick, key figures in Trump’s economic strategy, are likely candidates to represent the U.S.

Jerome Powell, chair of the U.S. Federal Reserve, has been a regular attendee at these meetings, despite facing criticism from President Trump for not cutting interest rates.

The ongoing support for Ukraine remains a significant focus at this year’s summit. Last year in Italy, leaders pledged to maintain sanctions on Russia and allocate resources to aid Ukraine. Ukrainian Finance Minister Sergii Marchenko will participate in the discussions, despite Ukraine not being a G7 member.

Recent developments, including Trump’s re-election and subsequent actions, have shifted dynamics in global politics. His administration has pressured Ukraine on various fronts, including financial aid and mineral agreements.

Efforts to broker peace between Ukraine and Russia have hit roadblocks, with recent talks ending abruptly after prisoner exchanges.

Aside from geopolitical issues, the G7 will also address topics like artificial intelligence, cybersecurity, and the state of the global economy during the meetings in Banff.

The heads of international organizations such as the International Monetary Fund, World Bank, and Organization for Economic Co-operation and Development will also be present at the summit.

The G7 comprises Canada, the U.S., France, Germany, Italy, Japan, United Kingdom, and the European Union as a non-enumerated member.