Canada says G7 finance ministers to focus on restoring stability, growth
Canadian Finance Minister Francois-Philippe Champagne holds a press conference with Ukraine Minister of Finance, Sergii Marchenko, after the two met during the G7 finance ministers and central bank governors meeting in Banff, Alberta, Canada, May 20, 2025. REUTERS/Todd Korol
Canadian Finance Minister Francois-Philippe Champagne holds a press conference with Ukraine Minister of Finance, Sergii Marchenko (not pictured), after the two met during the G7 finance ministers and central bank governors meeting in Banff, Alberta, Canada, May 20, 2025. REUTERS/Todd Korol
BANFF, Alberta - Finance ministers from the Group of Seven industrial democracies will try to agree on policies to restore global growth and stability, Canadian Finance Minister Francois-Philippe Champagne said on Tuesday, acknowledging that tensions over new U.S. tariffs would continue.
The meetings over the next two days in the mountain resort town of Banff, Alberta, will be about "back to basics" and will include discussions about excess manufacturing capacity, non-market practices and financial crimes, Champagne told a news conference. "I think to deliver for the citizens that we represent, our mission is really about restoring stability and growth," Champagne said
He said discussions would take place within the G7 and bilaterally with U.S. Treasury Secretary Scott Bessent about the impact of President Donald Trump's new tariffs on trading partners, and that there would always be tension around such issues.
"But at the same time, there's a lot we can achieve together," Champagne 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."
Bessent has sought to push G7 allies to more effectively confront China's state-led, export-driven economic policies, arguing that this has led to excess manufacturing capacity that is flooding the world with cheap goods and threatening G7 and other market economies.
But G7 members Japan, Germany, France and Italy all face a potential doubling of reciprocal U.S. duties to 20% or more in early July. Britain negotiated a limited trade deal that leaves it saddled with 10% U.S. tariffs on most goods, and host Canada is still struggling with Trump's separate 25% duty on many exports.
Champagne also said that the G7 group would discuss ways to better police low-value package shipments from China to combat smuggling. The Trump administration has ended a duty-free exemption for Chinese shipments valued under $800, which it has blamed for the trafficking of fentanyl and its precursor chemicals.
Reducing fentanyl trafficking is critical to lifting Trump's 25% duties on some Canadian and Mexican goods, as well as a 20% duty on Chinese goods.
Champagne appeared with Ukrainian Finance Minister Serhii Marchenko and pledged to continue Canada's support for Ukraine in its struggle against Russia's invasion. He also said Canada is considering helping Ukraine build a Canadian-style pension system.
Marchenko told reporters that he would seek to reiterate Ukraine's arguments for strengthening sanctions against Russia, including through lowering the level of the G7-led $60-per-barrel price cap imposed on Russian crude oil exports. REUTERS
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