Banff: Canadian Finance Minister François-Philippe Champagne has stated that the upcoming G7 finance ministers’ summit will concentrate on restoring global stability and economic growth, while acknowledging ongoing tensions over recent U.S. trade tariffs. The high-level discussions are taking place in Banff, Alberta, over two days.
Speaking at a news conference, Champagne noted the talks would revolve around returning to fundamentals and would address challenges such as excess manufacturing capacity, non-market economic practices, and financial crimes. “I think to deliver for the citizens that we represent, our mission is really about restoring stability and growth,” Champagne said.
The meetings will include bilateral talks with U.S. Treasury Secretary Scott Bessent, focusing on the consequences of President Donald Trump’s newly imposed tariffs. Champagne admitted that friction around trade measures was inevitable but stressed the importance of collaboration. “But at the same time, there’s a lot we can achieve together,” he said. “There’s a lot that we are looking to coordinate, our actions, and really tackle some of the big issues around over-capacity, non-market practices and financial crimes.”
The United States is pressing G7 allies to adopt a tougher stance against China’s state-led and export-heavy economic model, which Washington argues is responsible for global overcapacity and the influx of cheap goods undermining market-based economies.
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However, several G7 members—including Japan, Germany, France, and Italy—now face the prospect of U.S. tariffs potentially doubling to over 20% by July. The United Kingdom managed to secure a partial trade deal, but it still faces 10% tariffs on most goods. Meanwhile, Canada is contending with a 25% tariff on a significant number of its exports.
Champagne also highlighted that the G7 will address concerns related to small-package shipments from China. The Trump administration has revoked the duty-free status for Chinese imports valued under $800, citing their use in the trafficking of fentanyl and its precursor chemicals. Tackling this issue is seen as key to rolling back some of the punitive tariffs—namely, Trump’s 25% duty on Canadian and Mexican goods and a 20% tariff on Chinese products.
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Appearing alongside Ukrainian Finance Minister Serhii Marchenko, Champagne reaffirmed Canada’s commitment to supporting Ukraine in its resistance against Russia’s invasion. He also indicated that Canada is evaluating ways to assist Ukraine in developing a pension system modeled after its own.
Marchenko, speaking to reporters, said he intended to push for stronger sanctions against Russia, specifically by advocating for a reduction in the G7-led $60-per-barrel price cap on Russian oil exports.
