US President Donald Trump told a group of world leaders on Monday: "I'm the boss," as he and other G7 leaders acknowledged Ukraine's improved position on the battlefield, with a unified pledge of support and new sanctions against Russia, Reuters reports.
Trump's statement - delivered in a joking tone as an acknowledgement of an unspoken fact that hung over the Group of Seven Western powers summit held from June 15 to 17 in the French resort of Evian-les-Bains - followed a joint statement by the leaders that could further strengthen Kiev's negotiating position in possible peace talks with Moscow, according to Reuters.
Ukrainian President Volodymyr Zelensky and his allies came to the G7 summit hoping to convince Trump that Ukraine's counteroffensive is yielding results and that Russia is not in a position to dictate the terms of any peace agreement.
The joint statement and statements by the leaders suggest that Trump has become more receptive to Zelensky's arguments after years of skepticism. The G7 summit held in Canada last year ended without a common position on Ukraine.
Still, hopes that Moscow could be forced into peace talks remain dependent on Trump's decisions, which often remain uncertain. It was unclear whether a bilateral meeting between Trump and Zelensky would take place, and it remains to be seen whether Trump will allow exemptions from sanctions that limit Russian oil exports to expire now that he has reached a preliminary agreement with Iran.
"I'm the boss," Trump told G7 leaders and reporters as he took his seat at a session on global economic security, which was set to discuss supply chains for critical minerals and macroeconomic imbalances.
"There has been a change in the position of the United States and President Trump. Their position towards Russia is firmer and, in our view, more realistic in terms of the situation on the ground," Canadian Prime Minister Mark Carney told reporters.
Trump's Iran deal sets tone for talks
G7 leaders also welcomed the preliminary peace agreement between the US and Iran and said they were ready to help implement it.
They said they would work to diversify energy routes to reduce dependence on the Strait of Hormuz, which Iran blocked for much of the war with the US, as well as to increase energy supplies.
Trump, however, stressed today that the memorandum of understanding with Iran is not yet final and that he could resume bombing if the agreement is not respected.
"If I don't like it, if they don't behave properly, we'll go right back to dropping bombs right in their heads, okay?" he said.
Although European allies have publicly supported the preliminary memorandum, diplomats warn that reaching a lasting agreement on Iran's nuclear and ballistic programs, as well as Tehran's support for allied groups in the Middle East, will not be easy.
Critical minerals
France is now trying to persuade partners to sign a joint statement on critical minerals, which could include measures to reduce the West's dependence on China and protect investors from Chinese countermeasures and dumping, diplomats said, Reuters reports.
Certain industries around the world have come to a near standstill after Beijing imposed restrictions on the export of permanent magnets made from rare earth elements.
Measures discussed in recent months include price supports, market standards, subsidies and guaranteed purchases, as well as ways to increase private investment in supply chains for critical minerals outside China. Any measures announced at the G7 summit are likely to be just the first steps.
The US proposed forming a trading bloc for critical minerals in early 2026. However, countries disagree on how such a bloc would work, especially in the context of the White House's "America First" policy.
Global trade imbalances
The G7 leaders were also supposed to discuss balancing global trade and curbing "predatory competition," especially from China. France summed up the imbalances this way: "China produces too much, the US spends too much, and the Europeans invest too little."
Concerns are growing in Europe about China's trade surplus and its shift to higher-value-added goods, which analysts are calling a "second China shock," following China's dominance in low-value industries in the 2000s. China's trade surplus currently stands at 360 billion euros.
Beijing rejects the European Union's accusations of unfair subsidies and has repeatedly announced "strong" countermeasures to EU plans to favor European manufacturers through the "Buy European" initiative and new technological sovereignty rules.
The G7 leaders were also scheduled to discuss artificial intelligence during the working lunch, including the responsibility of bots and AI agents, as well as how AI represents truth and falsehood. The discussion was also attended by leading figures in the technology sector, including OpenAI co-founder Sam Altman and Anthropic CEO Darijo Amodei.
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