Latest news with #Canadian-style
Straits Times
22-05-2025
- Business
- Straits Times
Canada says G-7 finance ministers to focus on restoring stability, growth
Canadian Finance Minister Francois-Philippe Champagne said the meetings over the next two days will be about 'back to basics'. PHOTO: REUTERS - Finance ministers from the Group of Seven (G-7) industrial democracies will try to agree on policies to restore global growth and stability, Canadian Finance Minister Francois-Philippe Champagne said on May 20, acknowledging that tensions over new US 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, Mr Champagne told a news conference. 'I think to deliver for the citizens that we represent, our mission is really about restoring stability and growth,' Mr Champagne said. He said discussions would take place within the G-7 and bilaterally with US 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,' Mr 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.' Mr Bessent has sought to push G-7 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 G-7 and other market economies. But G-7 members Japan, Germany, France and Italy all face a potential doubling of reciprocal US duties to 20 per cent or more in early July. Britain negotiated a limited trade deal that leaves it saddled with 10 per cent US tariffs on most goods, and host Canada is still struggling with Mr Trump's separate 25 per cent duty on many exports. Mr Champagne also said that the G-7 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 US$800 (S$1,032), which it has blamed for the trafficking of fentanyl and its precursor chemicals. Reducing fentanyl trafficking is critical to lifting Mr Trump's 25 per cent duties on some Canadian and Mexican goods, as well as a 20 per cent duty on Chinese goods. Mr 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. Mr Marchenko told reporters that he would seek to reiterate Ukraine's arguments for strengthening sanctions against Russia, including through lowering the level of the G-7-led US$60-per-barrel price cap imposed on Russian crude oil exports. REUTERS Join ST's Telegram channel and get the latest breaking news delivered to you.
CNBC
21-05-2025
- Business
- CNBC
Canada says G7 finance ministers to focus on restoring stability, growth
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.
Yahoo
21-05-2025
- Business
- Yahoo
Canada says G7 finance ministers to focus on restoring stability, growth
By David Lawder and Promit Mukherjee BANFF, Alberta (Reuters) -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.
Hindustan Times
21-05-2025
- Business
- Hindustan Times
Canada says G7 finance ministers to focus on restoring stability, growth
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.
Yahoo
14-05-2025
- Business
- Yahoo
The Local Fry opens second Baltimore location, plans 7 more in Maryland
Hampden's distinctive The Local Fry restaurant is moving forward with an expansion plan. The loaded french fry shop recently opened a second location, in Northwood Commons across from Morgan State University — and the owners want to launch seven more sites in Maryland. Hana Scott, wife of Baltimore Mayor Brandon Scott, was among those enthusiastic about the new location, commenting on their Instagram post: 'So exciting! I have to come by!' The Local Fry has been a mainstay at The Rotunda since the shopping center's major redevelopment about a decade ago. It's known for fries loaded with creative toppings, such as Canadian-style poutine. The restaurant also offers sandwiches, chicken tenders and rice bowls. The eatery also has a stand at Camden Yards and had a Federal Hill location for four years. The owners said Wednesday that 'the franchisee actually is planning on opening seven more after this location.' All will be in Maryland, and 'he is looking at Columbia for the next one.' The Local Fry is holding a soft opening all week at its new Northwood location and plans a grand opening Sunday, according to the Instagram post. Have a news tip? Contact Bryna Zumer at bzumer@ or on X as @brynazumer .
