Canada says G7 finance ministers to focus on restoring stability, growth
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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. The meetings over the next two days in the mountain resort town of Banff, Alberta, will be about “back to basics” G7 members Japan, Germany, France and Italy all face a potential doubling of reciprocal U.S. duties to 20% or more in early July.
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.
Canadian host of G7 finance talks ‘optimistic’ despite trade turmoil
G7 finance ministers and central bank governors meet for three days in Banff, in western Canada. Canada’s Finance Minister Francois-Philippe Champagne says the world’s economies are at a crucial moment in history. He says Canada’s priority in its G7 presidency is to “restore stability and growth” The unity of the G7 has been shaken since Donald Trump’s return to the White House in January, with the president unleashing punishing tariffs on allies and adversaries alike.
His comments came as finance ministers and central bank governors of the Group of Seven economies the United States, Japan, Germany, Britain, France, Italy and Canada meet for three days in Banff, in western Canada.
As he prepared to welcome his counterparts, Champagne told AFP the world’s economies are at a crucial moment in history, adding that Canada’s priority in its G7 presidency is to “restore stability and growth.”
“The G7 has always been at the heart of major global issues, and it’s up to us to take up this challenge,” he said in an interview.
The unity of the G7 has been shaken since Donald Trump’s return to the White House in January, with the US president unleashing punishing tariffs on allies and adversaries alike.
The wide-ranging levies have also sparked fears of a global economic slowdown, with economists warning they could fuel inflation and weigh on growth.
“We need to go back to basics: the G7 has always played an important role on the macroeconomic level, and brought impetus to the global economy,” said Champagne, who invited his Ukrainian counterpart Sergii Marchenko to open the meetings Tuesday.
Champagne stressed that “everyone wins” when trade rules are “fair and predictable.”
He believes that Canada can serve as a bridge between G7 members in a turbulent time.
Since returning to the US presidency, Trump has sent shock waves across markets and the global economy as he slapped blanket tariffs on most US trading partners and targeted imports including those of steel and aluminum.
He has also threatened higher levies on economies including the European Union, although he has allowed a temporary halt on these higher tariffs.
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Source: https://www.cnbc.com/2025/05/21/canada-says-g7-finance-ministers-to-focus-on-restoring-stability-growth.html