Canada: G7 to focus on stability and growth

Key Highlights

• G7 Economic Coordination: G7 finance ministers aim to boost global growth and address overcapacity, non-market practices, and financial crimes.
• Tariff Tensions: Despite efforts to align, U.S. tariffs remain a challenge, with G7 nations facing duties up to 20% and ongoing concerns over China’s trade practices.
• Support for Ukraine: Canada pledges continued aid to Ukraine and is exploring help in building a pension system based on the Canadian model.

At a meeting, G7 finance ministers will aim to coordinate policies to spur global growth and bring stability, but Canada’s Champagne acknowledged that difficulties amid new U.S. tariffs will still exist.

The sessions in Banff, Alberta, will focus on getting back to the basics and will cover excess manufacturing capacity, unusual business practices outside markets and financial crimes, according to Champagne. Delivering for the public that we serve is something we achieve by supporting stability and growth, Champagne believes.

The official reported that talks about the tariffs would occur at the G7 and in separate meetings with Scott Bessent and those differences on these topics would always be present.

"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."

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Bessent has urged G7 alliances to deal more strongly with China’s way of supporting exports which According to her leads to G7 and other countries having to face cheap products on the world's markets. Japan, Germany, France and Italy from the G7 could see their products hit with U.S. duties up to 20 percent or higher as early as early July. Britain has struck a trade deal that keeps 10 percent U.S. tariffs on most of its items and partner Canada is dealing with a 25 percent duty on many of its exports because of Trump.

Along with the Ukrainian Finance Minister, Serhii Marchenko, Champagne vowed to keep aiding Ukraine in the face of Russia's invasion. He added Canada is looking into assisting Ukraine in creating a pension system modeled after Canada’s.