Minister of National Revenue urges G7 to restore growth, support Ukraine, and address low-value imports from China
Finance Minister François-Philippe Champagne said the Group of Seven (G7) finance leaders will focus on restoring stability and growth as they gather in Banff, Alberta, as per Reuters.
Speaking at a news conference alongside Ukrainian Finance Minister Sergii Marchenko, Champagne said the meetings would be about going “back to basics,” with priority topics including excess manufacturing capacity, non-market practices, and financial crimes.
He added that the group will also explore how to better police low-value package shipments to combat smuggling.
Champagne confirmed that discussions on US President Donald Trump’s new tariffs will take place both within the G7 and bilaterally with US Treasury Secretary Scott Bessent.
While acknowledging persistent tensions, he stated, “there's a lot we can achieve together.”
According to CTV News, Champagne reiterated Canada’s commitment to Ukraine, stating that G7 finance leaders stand “shoulder to shoulder” with the country.
He estimated that reconstruction efforts could cost over US$500bn over the next decade and emphasized a moral imperative to provide support.
Champagne also noted that he and Marchenko have been in discussions with pension funds and investors about the next steps and said Canada is considering supporting the development of a Canadian-style pension system in Ukraine.
The meetings are taking place amid significant uncertainty over global trade.
According to The New York Times, Trump’s sweeping tariffs have upended the global trading system, with duties on steel, aluminum, cars, and car parts reaching as high as 25 percent.
Reciprocal tariffs from Japan, Germany, France, and Italy could double in early July, while Canada remains subject to a 25 percent duty on many of its exports.
As per The Globe and Mail, Champagne said G7 leaders have begun discussing low-cost Chinese shipments from online retailers like Shein and Temu.
Canada has a lower de minimis exemption than the US, with only packages under $20 from most countries being exempt from duties.
Champagne said, “It creates a number of issues, as you would expect, some around control at the border,” noting that the conversation is not about revenue but about enforcement and smuggling prevention.
According to a source briefed on US participation and cited by Reuters, the Treasury does not expect any trade deal announcements from the G7 summit.
The source said Secretary Bessent would only support a joint communiqué if it aligns with US priorities.
“We’re only going to sign up for such things the extent that it aligns with the administration’s priorities,” the source said.
A US Treasury spokesperson told Reuters that Bessent intends to press G7 partners—Canada, Britain, Japan, France, Italy, and Germany—to address the global consequences of policies from non-market economies, specifically China.
“The Secretary will push the G7 to continue to focus on rebalancing the global economy and addressing unfair economic policies that contribute to imbalances,” the spokesperson said.
Bessent has argued that China's state-led, export-driven economic model has led to industrial overcapacity and an influx of cheap goods that threatens firms and workers in G7 economies.
As per The New York Times, Bessent, who skipped the G20 finance ministers meeting in February, is making his first appearance at this G7 forum and is expected to advocate for renewed attention on “imbalances and nonmarket practices.”
The meetings in Banff take place as trade negotiations intensify.
The US is working to secure deals with up to 24 countries by July 8, including Japan, South Korea, India, and Vietnam.
Bessent said on NBC’s Meet the Press that countries not negotiating in good faith will face new tariff letters.
He also stated on CNN that Central America and Africa could have their tariff rates set through regional deals.
The uncertainty surrounding US tariffs is prompting concerns across the G7.
According to The Canadian Press, at the parallel B7 summit in Ottawa, US Ambassador Pete Hoekstra told business and political leaders that “America is open to doing business,” even as Trump holds firm on tariffs.
Former UN Ambassador Nikki Haley added, “Don't assume that the US doesn't want to do business with your country… It's just messy right now.”
As reported by The New York Times, Bessent’s approach has been to project pragmatism. At a recent IMF and World Bank event, he said, “America First does not mean America alone.”
Still, the possibility of renewed tariffs continues to cloud the outlook for global trade.
Gene Seroka of the Port of Los Angeles warned that international trade remains “bumpy” and noted that recent tariffs are the most aggressive since the Smoot-Hawley Tariff Act of 1930.
Mark Sobel, a former US Treasury official, told The New York Times that “the trust, unity and cohesion that has bound the re-energized G7 of recent years is now gravely at risk,” as consensus on a joint statement remains uncertain.
