G7 Summit Underway in Kananaskis Amidst Trump’s Early Departure and Ukraine Aid Pledge
Kananaskis, Alberta – The G7 Leaders’ Summit is in full swing in the Canadian Rockies, but it has already been marked by the early departure of U.S. President Donald Trump and a significant new aid package for Ukraine from Canada.
Prime Minister Mark Carney, serving as the G7 summit host, today announced $4.3 billion in new support for Ukraine’s defence as he met with Ukrainian President Volodymyr Zelenskyy on the sidelines of the summit. This sum includes $2 billion for the purchase of weapons and materiel, such as drones, ammunition, and armoured vehicles, which Canada will count toward its NATO defence spending target. Canada is also lending Ukraine $2.3 billion to help rebuild its infrastructure, with the loan expected to be repaid by interest collected on Russian assets frozen in Europe. Additionally, Canada unveiled a new sanctions package targeting Russia’s “shadow fleet” and energy revenues, listing 77 individuals, 39 entities, and 201 vessels used to evade sanctions. Carney reiterated Canada’s commitment to rapidly scaling up defence spending to two percent of GDP by March 2026, a pledge made earlier this month.
A key development for the summit today was President Donald Trumps abrupt early departure. Trump reportedly cut his time short at the G7, returning to the White House to focus on the escalating Iran-Israel conflict. Before leaving, he reportedly raised the price for Canada’s inclusion in a proposed “Golden Dome” missile defence system, an apparent reference to an Iron Dome-like system Trump has proposed for the U.S. He suggested that Ottawa and Washington might make a separate deal on this. Trump’s early exit and his rhetoric surrounding it have once again underscored his unpredictable approach to international diplomacy.
In other Canadian political and economic news:
- Bank of Canada Weighs Rate Cut: New meeting records released today show that the Bank of Canada’s top decision-makers considered an interest rate cut earlier this month but held off due to uncertainty surrounding the tariff dispute with the United States. The records highlight that the trade conflict initiated by the U.S. was the “primary source of uncertainty” and the “biggest threat” to the Canadian economy. The central bank ultimately decided to hold its policy rate steady at 2.75 percent.
- DHL Express Operations Suspended: DHL Express is set to suspend its countrywide operations amid an ongoing strike and lockout.
- Conservative MP Resignation: A Conservative MP has resigned their seat, allowing Conservative Leader Pierre Poilievre to run in an Alberta by-election.
- Dental Hygienists Call for Better Work Environments: The Canadian Dental Hygienists Association (CDHA) held a news conference in Ottawa today, urging governments and employers to invest in better work environments in the dental sector.
- CPAC Coverage: CPAC (Cable Public Affairs Channel) is providing extensive coverage of House of Commons proceedings and committee meetings, including on Citizenship and Immigration, Foreign Affairs, Health, and Senate National Finance. B.C. Premier David Eby also spoke with reporters today.