22 May: Canada’s Finance Minister François-Philippe Champagne emerged from the G7 finance summit in Banff highlighting a renewed sense of unity among the world’s leading economies. The gathering brought together finance ministers and central bankers from the G7 countries ahead of the leaders’ summit next month in Kananaskis, Alberta.
In a joint communique released after the three-day summit, the group reaffirmed their commitment to maintaining strong economic ties despite escalating global trade tensions, primarily fueled by the United States’ sweeping tariff policies.
“The best proof of unity is that we have a joint communique,” said Champagne, who noted that the summit focused on “going back to basics.” He confirmed that the group reached common ground on several pressing issues, including countering financial crimes, reinforcing support for Ukraine in its ongoing war with Russia, and evaluating risks posed by artificial intelligence to financial stability.
The G7 includes Canada, the United States, the United Kingdom, France, Germany, Italy, Japan, and the European Union as a non-enumerated member.
While the communique avoided direct reference to U.S.-imposed tariffs—widely viewed as a major source of tension heading into the summit—Champagne acknowledged that the issue was discussed. He refrained from disclosing details, citing constructive dialogue on broader concerns such as non-market trade practices and industrial oversupply.
U.S. Treasury Secretary Scott Bessent, attending his first G7 finance summit, participated in talks but did not indicate any change in Washington’s tariff stance. Champagne described their interaction as positive, without elaborating on policy developments.
Bank of Canada Governor Tiff Macklem, who co-chaired the summit, confirmed that tariffs were a central concern. “It’s all on our minds,” Macklem said, noting that uncertainty has led to delayed business investments and signs of economic slowdown in Canada during the year’s first half. “Clarity on tariffs could pave the way for growth,” he added. “If uncertainty continues, the economic outlook may worsen.”
Despite the absence of major policy agreements, observers view the summit as a key relationship-building exercise. Douglas Rediker, a senior fellow at the Brookings Institution, emphasized its significance, especially for newer figures like Bessent and Champagne, who took over as Canada’s finance minister in March.
The joint statement strongly condemned Russia’s invasion of Ukraine, describing it as a “brutal war,” and praised Ukraine’s resilience. Champagne denied suggestions that the language on Ukraine had been softened, asserting that the communique was “focused, targeted, and action-oriented.”
Unlike previous years, the 2025 statement did not include specific commitments on energy transition or other climate-related themes. Champagne explained that the priority this year was building consensus and laying groundwork for next month’s G7 leaders’ summit, set to include Prime Minister Mark Carney and U.S. President Donald Trump.
European Central Bank President Christine Lagarde also weighed in, calling the Banff meetings “extremely useful” but warning of lasting shifts in global trade dynamics triggered by U.S. tariffs. “International trade will never be the same again,” she stated, urging global leaders to remove uncertainty and establish fair, mutually beneficial trade rules.
As the countdown to the June leaders’ summit begins, Champagne said the finance ministers’ meeting has “set the bar,” signaling that global cooperation remains possible, even amid rising geopolitical and economic tensions.
