‘Very productive,’ Champagne says after day of G7 talks with top finance officials, including from the U.S.

BANFF, Alta. — Canada’s finance minister says the talks he’s leading in an effort to find consensus on pressing global financial issues amid tariff tensions have been “very productive” so far.

Speaking briefly to reporters Wednesday night, Francois-Philippe Champagne said that both he and U.S. Treasury Secretary Scott Bessent are “pleased” with the progress being made, as well as “the sense of unity of the G7.”

“It’s very good,” he said, at the conclusion of the first of two days of meetings with top finance officials from some of the world’s largest economies in Banff, Alta.

A prelude to next month’s G7 Leaders’ Summit in nearby Kananaskis, what the finance ministers and central bank governors attending these meetings manage to agree on will set expectations for what could be accomplished in June.

Champagne and Bank of Canada governor Tiff Macklem are leading the meetings, which are being framed by the Canadian delegation as an opportunity to discuss issues impacting global economic stability and growth. Ahead of the meetings, Champagne told reporters that the summit was about “going back to basics,” and “setting the global agenda.”

The finance minister’s central goal in the Rocky Mountains is finding consensus on key policy priorities Canada has outlined as part of its G7 Presidency, such as economic security and artificial intelligence (AI) cooperation.

The real test will be whether Champagne can come out of the confab with a joint statement all countries sign, and what kind of language any co-endorsed release uses. Asked briefly Wednesday evening if a co-signed communique is coming Thursday, he wouldn’t say.

The event kicked off Wednesday morning with a “family photo” outside the picturesque Rimrock resort. Champagne and Macklem greeted all with warm welcomes and remarks about the quintessential Canadian backdrop.

The Group of Seven – Canada, United States, France, Italy, Germany, Britain and Japan, as well as delegates from the World Bank and the European Union – then got down to business in a series of working sessions.

Among the topics up for discussion around the big table: recent international developments and risks to the economic outlook, enhancing economic resilience, global growth policies, development issues, risks and potential in AI, and financial crime.

The ultimate objective, according to officials who briefed reporters on background ahead of the summit, is to foster longer-term growth, address risks to the global economy, continuing support for Ukraine, and providing a platform for leaders to engage.

Trump tariff tension

The gathering is taking place amid a global trade war that’s seen all other participating nations hit by varying degrees of U.S. tariffs, and so while U.S. President Donald Trump’s trade action is not explicitly on the agenda, it is looming large over the summit, becoming a central topic of conversation on the sidelines.

Champagne held a series of bilateral meetings with his counterparts on Wednesday, where their shared challenges on this front were likely brought up.

He then secured a private pre-dinner conversation with Bessent, who signalled through a spokesperson over the weekend that he was coming Canada to talk to his counterparts about trade imbalances and his desire to generate economic growth through the private sector.

Asked how their bilateral meeting went, Champagne said “very good.”

“We get along very well,” he said. “We had a lot to discuss, and we took the time to discuss a number of issues.”

As for what came up on the tariff front, the finance minister demurred.

“I’m not going to go into the details of what we discussed,” he said.

While no resolution to any trade tensions is expected out of the gathering of economic heavyweights, there’s hope common ground on other challenges – such as non-market practices including overcapacity – can be found.

Ukraine taking part

Another area where Champagne will be angling to advance unity is through allies’ continued support for Ukraine amid Russia’s continued invasion.

While Ukraine is not a member of the G7, Ukrainian Finance Minister Sergii Marchenko was invited to attend the summit, similar to how Canada is extending an invite to Ukrainian President Volodymyr Zelenskyy during the June 15-17 leaders’ sessions.

Yesterday, Champagne and Marchenko met on the sidelines alongside investors, to discuss what Canada’s finance minister called the “moral imperative” of helping Ukraine rebuild, something the International Monetary Fund (IMF) has estimated could cost more than US$500 billion.

“I think it is very telling to the world that we have our Ukrainian friend with us,” Champagne said. “It sends a strong message to the world that we are, all of us recommitting to support Ukraine, we’re going to hold Russia to account.”

The discussion about Ukraine’s reconstruction will be continued around the G7 table, as the allies discuss private sector mobilization and pressuring Russia with further sanctions, while efforts continue to secure a ceasefire.

“The invitation to be here is great honour for us, because it helps us to better provide the necessary information about situation on the ground, to understand how we can collectively provide necessary action,” Marchenko said. “I hope we have a very productive discussion.”

Champagne’s budget pressure

This international summit is taking place with the backdrop of domestic pressure on the new Liberal government over Prime Minister Mark Carney’s decision to not present a federal budget this spring.

The government’s plans, first characterized by Champagne as no budget this year but an economic statement in the fall, was later clarified by Carney in Rome this weekend, to be that the Liberals will unveil a more fulsome autumn budget.

Opting to hold off this spring, according to Carney, is in-part because the series of high-level conversations – such as those that will be unfolding, largely behind closed doors, in Banff over the next 48 hours – will be what helps inform the country’s coming “ambitious, prudent” financial outlook.

“The prime minister and I talked with respect to the budget, and there will be a budget in the fall, and I think this is a prudent approach,” Champagne said Tuesday.

“Like we said, there’s going to be a lot of things leading up to that. You know, there’s the NATO Summit that is going to come in June that’s going to have an impact on defense investments. There’s going to be also the review of spending and efficiency of the Canadian government,” said the finance minister.

Carney also indicated over the weekend, that based on the interactions he had with allies, he sees big opportunities for Canada to play a leadership role amid the economic transformation that’s afoot.

With files from CTV News’ Noah Watcher