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Elon Musk’s artificial intelligence startup xAI is targeting a $20 billion capital raise linked to Nvidia hardware, Bloomberg News has reported....
The 2025 G7 Leaders’ Summit was held June 15–17 in Kananaskis, Alberta, under Canada’s presidency. Prime Minister Mark Carney framed the meeting around priorities of protecting communities, energy and climate security, the digital transition, and future partnerships.
Against a backdrop of global conflicts and trade tensions, G7 nations – Canada, France, Germany, Italy, Japan, the UK, the US (and the EU) – reviewed pressing economic, security and development issues. Below are the factual outcomes and agreements announced at the summit.
Economic and Trade Agreements
Canada–UK trade and CPTPP: Canada and the UK agreed to establish a bilateral Economic and Trade Working Group. This new group will address market access barriers, expand digital trade, and explore cooperation on critical minerals and AI infrastructure. Canada also pledged to introduce legislation to ratify the UK’s entry into the Trans-Pacific Partnership (CPTPP) later this year. These steps aim to deepen UK‑Canada trade ties and secure supply chains for emerging technologies.
Canada–US deal: In a surprise announcement, Prime Minister Carney and President Trump agreed to pursue a new economic and security agreement within 30 days. They “agreed to pursue negotiations toward a deal within the coming 30 days”, as Canada seeks relief from U.S. tariffs on its steel, aluminum and auto exports. (Canada remains firm that any deal should eliminate such tariffs.)
US–UK tariff deal: The United Kingdom reached an agreement with the United States on tariffs. On the summit sidelines, President Trump and UK Prime Minister Keir Starmer said they had finalized a trade deal to reduce U.S. import duties on British goods, making the UK “the first country to agree to a deal for lower U.S. tariffs” under the Trump administration.
Global economy: G7 leaders acknowledged the need to address economic imbalances and supply-chain resilience. (At the May finance ministers’ meeting in Banff, they pledged to tackle “excessive imbalances” in the global economy and study market concentration and trade bottlenecks.) Although no formal communique was agreed, leaders stressed coordination on economic growth and stability.
Critical minerals strategy: The G7 agreed on a strategy to protect critical mineral supplies (for chips, batteries and clean energy). In a draft leaders’ text, they committed to ensure that mineral markets “reflect the real costs of responsible extraction, processing and trade” and to work together (and with partners beyond the G7) to prevent supply disruptions. The plan includes anticipating shortages and diversifying mining, processing, manufacturing and recycling of these minerals.
Geopolitical and Security Statements
Middle East – Israel and Iran: G7 leaders issued a joint statement on the Israel–Iran conflict. They urged de-escalation after recent exchanges of air strikes, specifically calling for a broader de-escalation in the Middle East and “a ceasefire in Gaza”. The statement expressed full support for Israel’s right to self-defence and identified Iran as a source of instability in the region. This was the only joint communique Trump signed before leaving the summit early.
Ukraine: Ukraine’s President Volodymyr Zelenskiy attended on the final day to seek G7 support. He met Prime Minister Carney and addressed a working session on “A strong and sovereign Ukraine”. G7 leaders reaffirmed support for Ukraine’s sovereignty and pledged continued backing for its defense against Russia. (In this context, Canada’s host delegation emphasized defense collaboration and new sanctions readiness.)
Russia: Although the U.S. delegation diluted some language, the G7 underscored opposition to Russia’s war in Ukraine. In finance- and leader-level discussions, they condemned the “continued brutal war” and agreed that any country financing the war should not benefit from Ukraine’s reconstruction. They also signaled willingness to consider additional sanctions on Russia if a ceasefire falters.
NATO and defence collaboration: Canada and its allies agreed to bolster security partnerships. In particular, the Canada–UK statement committed to expand defence collaboration, including support for Ukraine. Other invited G7 partners (e.g. NATO Secretary‑General and partners from allied countries) also attended sessions on collective defence.
Technology, Environment and Climate Action
Digital economy and technology: Leaders discussed the digital transition and emerging technologies. The new UK–Canada working group will, among other tasks, cooperate on artificial intelligence infrastructure. Summit attendees also noted the need to invest in digital trade and critical technologies to maintain global competitiveness.
Critical infrastructure and energy: In line with Canada’s energy-security priority, G7 leaders talked about ensuring reliable energy and clean-tech supply chains. The critical minerals strategy (above) directly supports clean energy and tech industries. Canada also highlighted its commitment to accelerating clean energy development.
Climate initiatives: While climate change remained an overarching concern, the summit did not produce major new climate agreements. Canada used the presidency to underscore climate resilience and funding, and after the summit Canada doubled its international climate finance pledge (though that announcement came separately). The leaders reaffirmed their dedication to the Paris goals, but a full climate communique was not issued given broader summit tensions.
Partnerships and Development
Global partnerships: Prime Minister Carney extended invitations to leaders beyond the G7. Mexico, India, Brazil, South Africa, South Korea, Australia and Ukraine were among guest participants. These sessions aimed to “secure partnerships of the future” and bring Global South perspectives into discussions on trade, climate and security.
International development: The summit reaffirmed G7 commitments to global health, development and aid in broad terms. For example, leaders welcomed continued collaboration on pandemic preparedness, democratic resilience and gender equality. (No large new funding packages were announced, but the G7 reiterated the importance of sustaining aid and multilateral institutions.)
Summit Process and Statements
No joint communique: Due to deep policy differences (notably on U.S. tariffs and Middle East policy), the G7 did not issue a unified final communique. Instead, Canada released chair’s summary documents of the discussions. Officials noted that issuing a traditional joint statement might have undermined engagement with the U.S. team.
Public remarks: Leaders gave individual press conferences. Prime Minister Carney and other heads of government delivered closing comments emphasizing cooperation on climate, economy and security. They stressed the need for multilateral action on refugee flows, infectious diseases, and other global challenges, consistent with the G7’s role as an “informal forum” of leading democracies.
Conclusion
The 2025 G7 Summit highlighted both the G7’s strengths and its limits. Leaders agreed on concrete steps – from trade initiatives and critical minerals coordination to security support – reflecting the summit’s economic and geopolitical agenda. At the same time, sharp divisions (e.g. over tariffs and Middle East policy) meant the group avoided a formal joint statement. Nevertheless, the meeting reaffirmed the G7’s focus on global economic stability, climate action and collective security. The summit’s outcomes – including new trade working groups and security pledges – aim to sustain G7 cooperation on the world economy, climate resilience and peace, even in a tumultuous international environment.
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