BANFF — Canada's Finance Minister François-Philippe Champagne said Thursday there's a sense of unity after emerging from a summit with his counterparts across the G7.
The group of finance ministers and central bankers gathered this week in Banff, Alta., less than a month ahead of the G7 leaders summit set for mid-June in nearby Kananaskis.
They came out with a joint communique emphasizing a commitment to strong economic relationships during a period of global trade uncertainty launched by the United States' broad tariffs on countries around the world.
“The best proof of unity is that we have a joint communique," Champagne said.
The summit was about going "back to basics," Champagne added.
He said the ministers found common ground on issues including combating financial crime and support for Ukraine in its war against Russia.
The group also agreed on the need to monitor and assess risks that artificial intelligence development could pose to financial stability.
Along with Canada and the United States, the G7 comprises France, Germany, Italy, Japan, the United Kingdom and the European Union as a "non-enumerated member."
The joint statement made no mention of the sweeping tariffs initiated by the United States, which continue to send shock waves through the global economy.
Tariffs were widely viewed as the elephant in the room heading into the meeting. Champagne said they were discussed but offered limited details, emphasizing there was constructive dialogue on issues from non-market practices to oversupply.
U.S. Treasury Secretary Scott Bessent was among those at the meeting. Champagne said the two got along well but didn't say whether Bessent was considering a change on tariffs.
Bank of Canada governor Tiff Macklem, who co-chaired the summit with Champagne, said the levies "are all on our minds and the discussion very much did include a focus on improving the dialogue around tariffs."
Macklem later added that many businesses have paused investments due to tariff uncertainty and the Canadian economy is showing signs of weakness through the first two quarters of the year.
"Where we go from there, I think, really depends on what happens to tariffs ... if we can get that clarity, we can get back to growth," Macklem said. "If things go in the other direction, yes, things will be worse."
The meeting was Bessent’s first with finance ministers from the G7.
Though no major deals between countries were struck, Douglas Rediker, senior fellow at the Brookings Institution, a non-partisan American think tank, said the meeting was an important relationship-building exercise, because Bessent is early in his tenure overseeing the United States' finances. Champagne became finance minister in mid-March and has previously overseen other economic portfolios as a minister.
Other issues were not directly addressed in the communique, such as the energy transition featured in last year's statement.
Champagne described Russia's invasion of Ukraine as "illegal," while the communique condemned Russia's "brutal war" and commended Ukraine's "immense resilience."
Champagne denied the wording on Ukraine was obfuscated. More broadly, he said, the statement is "focused, it's targeted and it's action-oriented."
He acknowledged there was speculation the countries would fail to sign off on an agreed communique but later told a group of reporters it was an accomplishment to produce one.
"It's better to come up with a communique than not," he said. "But we live in a time where sometimes it's possible, sometimes it's more difficult to achieve."
Champagne said the meeting and communique lay the groundwork for the upcoming G7 leaders summit, which is to include Prime Minister Mark Carney and U.S. President Donald Trump.
The leaders are scheduled to arrive in the Rockies on June 15 for the three-day gathering.
"It's kind of setting the bar," Champagne said.
This report by The Canadian Press was first published May 22, 2025.
Matthew Scace, The Canadian Press
