The 51st G7 Summit held from June 16-17, was hosted in the breathtaking Rocky Mountain landscape of Kananaskis, Canada. Leaders from the world’s wealthiest economies gathered to address pressing global issues, including tariffs, inflation, ongoing conflicts in the Middle East, and the situation in Ukraine. U.S. President Donald Trump must have felt proud to see his country represented at this most high-profile of events. He was joined by Canadian Prime Minister Justin Trudeau, the summit’s host, and Britain’s Labour leader, Keir Starmer.
Here are the central issues the G7 leaders decided would lead the world’s political and economic discourse. Among these discussions, tensions regarding Iran emerged prominently, with Trump describing the nation as “the principal source of regional instability and terror.” This characterization drives home the worries still felt surrounding Iran’s destabilizing role in the Middle East and what that means for international peace.
No doubt, historically the G7 has epitomized much of the world’s economic muscle. Changing global dynamics have reduced its luster. At less than 10% of the world’s population, that would simply enshrine the G7’s past weight. Its share of global GDP at purchasing power parity has fallen to 28%, down from over 50% just a few years ago. This decline is representative of a much larger trend. At the same time, cities in emerging economies such as Delhi, São Paulo and Beijing have been playing increasingly powerful roles in the global economic landscape.
The majestic snowy Rockies were a stunning backdrop. In the bubbles of the framing alpine setting, some heavyweight conversations were happening. The summit not only underscored significant challenges to the current G7 agenda facing these nations, but called into question the continuing relevance of the grouping. In 2018, economists Jim O’Neill and Alessio Terzi noted that the G7 “in its current formulation, no longer has a reason to exist, and it should be replaced with a more representative group of countries.” This view is music to the ears of reform critics who have long claimed that the G7 needs to change with the times.
World leaders came together at this summit to save the world economy. They used that moment to draw up a bold long-term vision for how international cooperation should look. Fellowship Participants agreed that strong, visionary leadership needed now more than ever in our globalized world demands a wider seat at the table. The current discussions over tariffs and inflation are a reminder that even as national interests persist, markets are interconnected across the globe.
Leaders like Trump and Starmer take unprecedented attention to this summit. Their presence emphasizes the vital and continued need for conversation between the largest economies—even as their impact starts to wane. Debates over tariffs are still hot-button topics, making for a tough diplomatic climate for international trade partners. The newly minted leaders showed an eagerness for creative, cooperative solutions to stabilize inflation, which has ravaged economies across the globe.