Canada's Francois-Philippe Champagne, Canada's Minister of Finance, said that the Group of Seven Industrial Democracies continues to be united. However tensions remain amongst them over the tariffs imposed by the U.S.

Champagne said at a briefing on Thursday about the G7 meeting of finance ministers that Canada, as the G7 chair this year, must fight the U.S. Tariffs which still affect a large part of Canadian goods.

Every G7 country understands this is the time to invest. "We're in an existential situation," said Champagne. He was appointed finance minister on March 14 by Canadian Prime Minister Mark Carney.

Champagne stated that he could not schedule a meeting with U.S. Treasury Sec. Scott Bessent to discuss tariffs, but he did have interactions with Bessent at the G7 and G20 summits held in Washington on the fringes of the International Monetary Fund (IMF) and World Bank spring meetings.

Donald Trump, U.S. president, has imposed 25% tariffs on Canada, which is the biggest U.S. customer for exports. The tariffs also apply to autos, aluminum and steel, as well as goods that don't comply with the origin rules set out in the U.S., Mexico, Canada Agreement. This action has already led to layoffs in Canadian factories.

Champagne said that he would be able to provide more details about Ottawa's talks with Washington once the Canadian election results are announced on Monday, assuming that Mark Carney and his Liberal Party will win a second term.

Champagne reported that the G7 ministers had discussed support for Ukraine, and heard from Ukrainian Finance Minister Sergii Marenko a presentation about the economic situation of the country, which included the estimated $524 billion reconstruction needs by the World Bank.

He said, "There is an understanding that the private sector should play a part."

Champagne invited Marchenko to a G7 meeting of finance leaders in Banff (Alberta) from May 20-22, where they will discuss dispositions of about $300 billion in Russian assets frozen as European officials.

Discuss a full seizure

Help fund Ukraine's existence in light of the diminishing U.S. resource.

The Canadian finance ministry declined to address Bessent’s remarks on Ukraine at the meeting. However, he said he was happy that the U.S. Treasury Chief had stated U.S. backing for the IMF/World Bank on Wednesday. He also said that anyone helping finance or supply Russia’s war effort in Ukraine shouldn't be allowed a role in rebuilding the country. (Reporting and editing by Andrea Ricci, Paul Simao and David Lawder)

(source: Reuters)