Closing news conference at the G7 Finance Ministers and Central Bank Governors Meeting
Transcript
Hon. François-Philippe Champagne: Hello everyone.
Hi everyone. It’s good to see you. Good to see everyone. Welcome. It’s a real pleasure.
So, I’m happy to report to all of you that we had a very productive and constructive G7 meeting, 50 years after its creation. So, it’s a real pleasure to be with you today.
So, hello everyone.
Thank you all for being here for the press conference.
The Governor and I, the Governor of the Bank of Canada, have been delighted to welcome everyone to the Canadian Rockies, here in Banff, Alberta. And it was a very successful G7.
This year, our focus was to return to the G7 core mission – restoring global growth and stability. As the host country, Canada had both the privilege, and also, I would say the responsibility of shaping the economic agenda for this landmark 50th G7 meeting.
Over the past three days, we have worked together to develop policies in order to create quality jobs, spur economic growth, and strengthen our cooperation in the face of the most pressing global economic challenges.
The G7 is built on core shared values, such as democracy, respect for human rights, and the market economy.
My colleagues and I reached agreement on a communiqué, which you will all have seen, which emphasized, above all, the importance of G7 unity in the face of complex global challenges. The agreement on a joint communiqué at this important point in time demonstrates our shared resolve to work together at this crucial point in history.
During this week’s meeting, we had productive and frank discussions, very constructive, very engaging discussions on the global economy, on global imbalances, on non-market policies and practices which have led to overcapacity, combatting financial crime and artificial intelligence. So, as you can see, we had a broad-based agenda, and we found common ground. This is what the G7 is about. You have the largest economy in the world, and we found common ground on the most pressing global issues that we face.
We also discussed the situation in Ukraine during which Minister Marchenko participated. And I want to say, on behalf of all of our G7 partners, both the ministers and the governors, that I want to sincerely thank him for his presence here in Banff, in Alberta, in Canada.
As President of this G7, it was crucial for me to have bilateral meetings with each of my colleagues, as well as with the Managing Director of the IMF. And I will have the privilege of having dinner with the President of the World Bank in Calgary this evening.
These discussions were essential in forging a strong consensus which was reflected in the agreement we are pleased to present to you today.
Canada came to this 50th meeting with clear priorities: fostering growth and restoring stability to the global economy, and I’m proud that these goals are reflected in our shared efforts and in the communiqué.
Ministers and governors agree on a number of things. Let me mention a few of them. A Financial Crime Call to Action to tackle financial crime, including money laundering and terrorist financing, as part of our steadfast commitment to this effort to combat financial crimes around the world. Canada will also contribute $4.8 million in new technical assistance to developing economies so they can assist in combatting financial crimes.
We’re also going to address risk stemming from the large increase in low-value shipments that have been imported into G7 markets. We’re also going to advance work on supply chain resiliency – that is something which is very important and critical for each of our economies.
And finally, we have reiterated our support for Ukraine against Russia’s illegal invasion, including ramping up sanctions if necessary and to support efforts to foster private-sector participation in the recovery and in the reconstruction of Ukraine. We also agree that no one who supported the Russian war machine will benefit from reconstruction efforts in Ukraine.
So I would like to warmly thank my colleagues for this productive and constructive meeting, for reaffirming our shared commitment to the G7, and for making possible the unanimous adoption of a final communiqué. Let’s continue to work together to address global challenges, foster strong and sustainable growth, and transform our shared ambitions into concrete results.
I want to thank you all. I want to thank all the G7 colleagues who have come here to Banff, in Alberta. I think, as much as the G7 started in Fontainebleau in France in 1975, that everyone will remember, I think that the Banff G7 Summit will be remembered in 2025 as a turning point in, between the G7 members. We are united. We had constructive, productive and informative discussions which have led to a communiqué and a renewed sense of action that we’re going to take collectively and that we’re going to work from now to our next meeting.
And I would say, I want to thank also my co-chair, the Governor of the Bank of Canada, Tiff Macklem, which has done a great job in really preparing and co-chairing this meeting.
So, Governor, with that I just want to say thank you for all the work you’ve done on behalf of all Canadians.
Governor?
Tiff Macklem: Well, it was a pleasure. And Minister Champagne, I think I speak for both of us when I say what a pleasure it was to host our G7 colleagues here in beautiful Banff, Alberta.
In our sessions yesterday, we did identify at least four areas where the G7 can provide clear leadership, and those are reflected in the communiqué: reducing policy uncertainty; addressing unsustainable global imbalances; improving the dialogue around tariffs and fixing the problems in the global trading system; and implementing policies to boost productivity and growth.
Today, we also had important discussions on fostering the adoption of AI, equipping workers in our countries and harnessing the productivity gains from AI.
Over the last two days, we also discussed reducing risks in our financial system, and we agreed on improving data collection and sharing of information on non-bank financial institutions.
I want to particularly highlight the tone of the discussions was particularly constructive. Maybe we were helped by the breathtaking views of the Canadian Rockies and the wonderful fresh mountain air, but whatever it was, there was a real spirit of constructive engagement, a spirit of working together to the benefit of our citizens. And I am gratified that many of my colleagues remarked that, you know, throughout our G7 Presidency, the tone of the discussions has become progressively more constructive.
As the Minister just highlighted, this is a pivotal moment for the global economy, and what I can say is we met the moment with candour, and with clear focus on improving the economic and financial welfare of our citizens, and the shared benefit of working together.
This week’s meeting and today’s joint communiqué will put us on a solid foundation ahead of the Leaders’ Summit next month in Kananaskis. Our shared belief in the value of the G7 is what keeps us like-minded, and, as the Minister just highlighted, it has for 50 years.
And with that, the two of us would be pleased to take your questions.
Hon. François-Philippe Champagne: Thank you everyone.
Moderator: We will now start the question period. Please state your name, your media. It will be about 20 minutes. One question, one follow-up.
Go ahead.
(Off microphone)
Question: Oh, we’re at the mic here.
Moderator: In the mic, there.
Question: Yes. Sorry.
Hon. François-Philippe Champagne: I think you need to go to the mic (crosstalk) you know, but.
(Laughing)
Moderator: Sorry.
Question: Hello.
Hello. Karina Roman, CBC News. You have said repeatedly that the goal, really, overarching goal is to restore financial stability to the globe as a whole. Now that you’ve had two days at the table with your G7 counterparts, how much of an uphill battle will that be when the biggest player at the table, the US, is the cause of so much of that instability, and their policies don’t seem to be changing anytime soon?
Hon. François-Philippe Champagne: Well, I would say—well, first of all, thank you for your question. As the Governor and I said, we had very constructive and productive discussions. We understand that we need to reduce uncertainty in order to increase growth.
I think, you know, we went back to basics. For me, this G7 is back to basics, back to the core mission. Our mission, my mission when I entered the room was really to promote stability and growth. And I would say of all the international meetings I have attended, this was one where you had frank discussions, that people shared views on different issues, but also, there was a strong call to action. We found common ground on a number of things. If you look at the communiqué, a lot of people were wondering, even at the time, whether there would be a communiqué. And now, what you have is that the best proof of unity is that we have a joint communiqué. So, we are resolved in our commitment to work together, as the Governor said.
And there will be more work. This is like we have a work plan ahead of us, a number of actions. You’ve seen in the communiqué that we’re going to tackle together. I can think about supply chain resiliency. I can think about tackling financial crime. I can think also about the menu (ph) of growth and in sync policies that we have put on the table, that we have discussed with international organizations.
So, we have achieved, I would say when I look at where we are, to where we are today and the journey ahead of us, we’re on a good track in order to reduce the instability and uncertainty that we have seen.
Question: On a different tack.
Hon. François-Philippe Champagne: Yes.
Question: In the wake of the Washington shootings, Israeli President Benjamin Netanyahu says being part of the joint statement with the UK and France on Gaza, that Canada’s Prime Minister and Canada has essentially said that it wants Hamas to remain in power, that it’s emboldening Hamas, this statement that we are part of, and that Canada is on the wrong side of history. What do you say in response to that?
Hon. François-Philippe Champagne: Well, I would leave that to the Prime Minister. I have, you know, the Governor and I have been very focused, as you would expect, on these G7 meetings. They are very important. We’re shaping the global agenda.
I have seen the comments, but that—we’ll leave the Prime Minister to comment on behalf of the Government of Canada.
Moderator: Next question.
Question: Hi. Rachel Aiello, CTV News.
Hon. François-Philippe Champagne: Yes! It’s great to see you.
Question: Nice to see you as well, Minister. Were Trump’s tariffs as much an elephant in the room as it seems, or were they addressed head on?
Hon. François-Philippe Champagne: Well, you know, there’s always discussions about how we can do better amongst the G7 members because, obviously, we have big things to tackle, and there’s always discussions about what—how we can have more freedom, I would say, of goods between and trade between our countries. So, there’s no doubt that there’s discussions around that policy of tariffs by the United States.
But I would say this was also a very constructive discussion about what’s the way forward that we can adopt, and where can we find common ground to tackle other global challenges like we’ve seen, overcapacity and non-market practices which are affecting our respective economies. So, I would say constructive discussions.
And obviously, you would expect in these meetings, that’s the essence of the G7. It’s a forum for discussions, a forum for action. So, people put issues on the table that they have, but at the same time, we are united in our resolve to restore, as much as we can, stability, and also have more growth amongst the G7 economies and the world.
Question: In French, please.
Hon. François-Philippe Champagne: Well, listen, we covered many things during these meetings. It’s normal, in these meetings, to have frank and constructive discussions. The issue of tariffs comes up in these discussions, but we also have to put it in the context where colleagues are ready to look at different measures that we can take together to increase, or I would say, to bring back more stability, to bring back more growth.
There’s a lot that we can do together as G7 countries, and I think the communiqué provides a good example of all the measures we were able to agree on, by saying, by working on it, we will be able to promote stability, but at the same time, the growth that we need to see in the different economies.
Question: And you’ve called the war in Russia—Russia’s war in Ukraine illegal, but the communiqué doesn’t include that strong of language. I’m just wondering, did the wording of the communiqué have to be watered down to appease Bessent?
Hon. François-Philippe Champagne: No, I would say, no. Obviously, I think you have seen that the G7 stands shoulder to shoulder with our Ukrainian colleagues. We had Minister Marchenko with us, Tiff and I. He was warmly welcomed. We had a discussion about whatever additional sanctions that may need to be taken in order to hold Russia to account.
And at the same time, you have seen that we have put in the communiqué something that was reflected also by Secretary Bessent back in Washington, that no one and no entities who somehow supported the Russian war machine should benefit directly, indirectly, from the reconstruction that we’ll have in Ukraine.
And as you know, this is going to be a huge effort. There’s a moral imperative to support Ukraine during the war, but also during the reconstruction. But at the same time, we’re talking about something close to $524 billion US dollars over a decade. So, this is going to be an immense endeavour. And that’s why earlier this week, I sat down also with Canadian pension funds and Canadian entities to see what’s the role that Canada can play in these very important reconstruction efforts in Ukraine.
Moderator: Next question.
Question: Paul Vieira from The Wall Street Journal. I have (crosstalk)—
Hon. François-Philippe Champagne: How are you doing, sir?
Question: Very well. I have one question for—
Hon. François-Philippe Champagne: Good to see you.
Question: For Mr. Champagne, and one question for the Governor. Mr. Champagne, what specific demands did the Treasury Secretary make with you in your bilateral, and with the other G7 members, before any sort of tariff relief from Washington can unfold?
Hon. François-Philippe Champagne: Well, listen, I won’t go into the specifics of our discussions. We get along well. That’s what I can tell you. I was delighted that Secretary Bessent came for the entirety of the G7 meeting. We had discussions on a number of issues. I can tell you the secretary’s contribution was welcomed by all the G7 colleagues, in particular when we talk also about supply chain resiliency. So, there’s a number of topics that we have brought, and I’m glad that we had the chance to be together. We’ll be together again, and we get along, we get along very well together.
So, this was one discussion, and there will be more discussion about a whole range of issues. And you would understand why. Because Canada is the biggest customer of the United States. I always say, we buy more from the United States than China, Japan, the UK and France combined. So, it’s quite normal when you meet your biggest customer that there’s a lot to discuss, you know. We’re the most integrated economy. We are the largest customer to the United States. So, we always have a lot of things to discuss, and also how do we shape the global agenda together.
Question: Governor, if monetary policy isn’t well suited to handle a stagflationary (ph) tariff shock, is it wise for you and your counterparts to be punting to fiscal policy, given increased demands for military spending, the downgrade to the US debt and the recent runup in longer-term bond yields?
Tiff Macklem: Well, we’ve got the Minister of Finance here to talk about fiscal policy, you don’t need me.
(Laughing)
Let me just say a couple of comments about the dialogue around tariffs. There have been a number of questions about that, and I would stress, look, obviously, tariffs are on all of our minds, and the discussion very much did include a focus on improving the dialogue around tariffs and on fixing the problems in the global trading system. The communiqué highlights that, you know, we were pleased to see that uncertainty has come down, but we clearly have more work to do. And, I think, there was a clear message in the communiqué that we are committed to continuing to reduce that uncertainty, and that includes around trade and tariffs.
There was also, the IMF was at the meeting, and there was also quite a bit of discussion around unsustainable global imbalances, unfair trading practices in China, state-sponsored exports, that are impacting our economies. The IMF, with the encouragement of the G7, agreed to take on, to do more work on identifying, you know, what, you know, not every imbalance is harmful, what are unsustainable global imbalances, what are domestic imbalances, and what policies will help reduce those and get the global trade system working better for everyone.
You know, coming back to monetary policy. Yes, as you indicated, you know, monetary policy, obviously anything that’s impacting the economy, that is something that monetary policy needs to look at carefully and consider. You know, the impacts of a trade conflict, it weakens growth. It can also boost inflation. So, you know, we have to carefully balance those. And, you know, we are looking, you know, that’s, you know, we’re looking at both sides of that.
I think if, you know, the more we can get uncertainty down, the more we can be more forward-looking as we move forward in our monetary policy decisions.
Question: Hi Minister Champagne. Nojoud Al Mallees, The Globe and Mail.
Hon. François-Philippe Champagne: Yeah, it’s good to see you again.
Question: Good to see you. The communiqué mentioned trade once. There was no mention of tariffs. So, I’m hoping you can explain, what do you mean by getting back to basics. Is this not a retreat for the G7?
Hon. François-Philippe Champagne: Well, I would say, you know, we go back to the core mission. Our core mission is to provide stability and growth to the world economy, and that’s why. And as the Governor said, going back to the tariffs, there will always be questions and discussions around that because if you want to restore stability and growth, the issue of tariffs, obviously, comes to the forefront. And it is normal, for example, for me in Can—to advocate for Canada, for businesses, for workers and for Canada.
But that being said, there is a lot that we can achieve also together. And I think the Governor explained it very well. There’s a number of things that we can tackle that will generate that kind of growth and that kind of stability. So, we all advocate for growth and stability, look at the number of measures we can take.
And if you look at the communiqué, it’s very action oriented. This was not meant to be a group discussion. We didn’t come here to Banff and to Canada just to talk. This was really to, meant to shape the global agenda ahead of the Leaders’ Summit that’s going to happen. And like I said, I’m proud that there were a lot of questions about what the G7 could achieve following the Washington meeting and where we would be.
And I think you see in the communiqué and the action taken around Ukraine, around financial crime, around productivity, around resiliency of the economy, around growth policies, I think it sends a very clear signal to the world, people who are watching at home, that the G7 is united in purpose and in action. And I think that’s what people want to see. Because the G7 is the forum in the world today that you can tackle global challenges. And our mission was to tackle those around growth and stability, and I would say the fact that we have a joint communiqué represents well the fact that we live up to the moment in time and in history that was presented to us. And that’s why I say, this is Canada’s global leadership. As the Prime Minister has indicated, this is a great example of Canada shaping up the global agenda.
Question: The US House of Representatives passed a tax bill earlier this morning that proposes to substantially increase taxes on foreign companies whose parent companies are based in countries that impose tariffs—sorry, taxes that the US thinks are unfair, like the digital services tax. So, this would presumably affect Canada. So, I’m hoping to get your reaction to this, and whether you think that is going to impact the Canada-US relationship.
Hon. François-Philippe Champagne: Well, first of all, as you would expect, Tiff and I have been very busy in the last two days, and busier this morning to bring everyone to a conclusion and common ground, so I have not had the chance to read the bill. I’ve seen some headlines. So, I would want to take the time to review that, and so that we can provide you, you know, more feedback with respect to the Canadian position on that.
But you would appreciate that our mission, Tiff and I, was really to conclude a successful G7 meeting so that Banff goes down in history, like Fontainebleau was 50 years ago, as a turning point where the world comes together to tackle global challenges.
Moderator: Next question.
Hon. François-Philippe Champagne: Sir, how are you doing?
Question: I’m good. Thank you very much. Good afternoon, Mr. Champagne and Governor Macklem. Promit Mukherjee from Reuters. You (ph) officials told us that there was a proposal for a $50 price cap from the $60 for the Russian oil. Was—did you discuss these things, and was there a pushback from Mr. Bessent on that?
Hon. François-Philippe Champagne: I will comment, and then Tiff may want to add.
You know, we discussed a number of things to further support Ukraine. I think everyone understands there’s a moral imperative for us to stand shoulder to shoulder to Ukraine because they are fighting for democracy for all of us, and Canada has been at the forefront of that.
The fact that, you know, the Minister of Finance of Ukraine was the only non-G7 minister invited to the meeting sends a very strong signal to the world. To have the Minister of Finance of Ukraine stand shoulder to shoulder with the G7 ministers is a very big statement. And the fact that you’ve seen in the communiqué that, now, not only we talked about it, but we have put in the communiqué that anyone, any entity who has supported the Russian war machine will be excluded from benefitting from the reconstruction of Ukraine. I think also that is a very big, that’s a very big statement. It’s coming out of what Secretary Bessent had indicated before, and now you have the full G7 behind that. I think this is a significant statement that we made there.
We discussed about other measures that could be taken in order to put additional pressure on Russia. But as you will appreciate, it’s wise to keep these discussions amongst ourselves and when these additional measures that we’re going to consider, if they have to be put into action, you will be one of the first to know.
(Off microphone)
Do you want to add, Governor?
Tiff Macklem: Yeah. No.
Question: OK. Second question. We now know that Mr. Trump will be actually coming for the Leaders’ meet next month. What are the proposals and the measures that you will be putting forth for the Leaders’ meet so that you can act—the Leaders’ meet and that they can achieve some kind of concrete measure and some concrete deal?
Hon. François-Philippe Champagne: Well, our job, obviously, was to inform the Leaders when it comes to growth and stability in the financial sector and in the world economy, so I think we have done our job. And I think the Leaders will (inaudible) from the outcome in the communiqué that we have outlined.
I think this is a real milestone. The Governor and I could agree, you know, there were, some of you were questioning whether we would come out with a communiqué, and I think this is a milestone that I would think the Leaders will take into account in their discussion to say, the Finance Minister, the Governor—the central bank governors that met for two days and a half have come out with a set of policies and actions that we want to further work on. And I’m sure that’s going to inform the discussion of the leader.
This was our role, for the Governor and I, to provide that kind of global leadership, set the global agenda, and we met the moment. Obviously, then it’s going to be for the Leaders to take stock of what we have achieved here and decide to build on the commitments that have been made by the G7 finance ministers and central bank governors.
Tiff Macklem: Yeah, I would just add that, you know, I think an important element was the discussions were frank, they were collegial, and they were productive across the board. And I think that sets the stage for a very productive Leaders’ Summit in Kananaskis.
And as the Minister just highlighted, you know, we dug in on a number of issues that are central to all our economies. There was a real focus on growth. You know, across the G7, we all want to see faster productivity growth. Productivity growth solves a lot of problems. It’s higher wages for people, it’s a bigger tax base for the Minister of Finance, it’s more growth without inflation for the Governor of the Bank of Canada, and it’s more competitive businesses globally.
So, you know, I was very encouraged with the, you know, the concerted focus on growth. In each of our countries that may mean slightly different things, but when the G7 moves together in a coordinated way, that’s going to help all of us.
Question: Thank you very much.
Hon. François-Philippe Champagne: Thank you, sir.
Moderator: We will take one last question.
Question: Hey there. Erik Hertzberg with Bloomberg News.
Hon. François-Philippe Champagne: Yes, how are you doing, sir?
Question: Good, and yourself?
Hon. François-Philippe Champagne: Yeah, good. Good to see you.
Question: Good to see you. What was the decision behind not naming China outright in terms of excessive imbalances? And can you offer more details as to whether fees, tariffs or limits on the flood of lower-valued Chinese goods were discussed?
Hon. François-Philippe Champagne: Sorry, can you just repeat the second part of your question because I could not hear you very, very well?
Question: Sorry, yeah. Could you offer more detail as to whether fees, tariffs or limits on the flood of lower-valued Chinese goods were discussed at the meeting?
Hon. François-Philippe Champagne: Right. I see what you mean. So, on the first thing, I think we were glad to (inaudible)—our discussion was informed by the work of the international organization around non-market practices, and I would say this was a very, very interesting discussion, very productive discussion, non-market practices, overcapacity, but in many ways, in order to have a framework, in order to define what they are, to detect, and then be able to act together as a G7. So, I think this is really a step forward in the G7 in order to address that because that’s not a new issue. I would say this is something that people have been talking about for some time. But now, you have a blueprint for the G7, the G7 to be able to identify what they are, to be able to track what, you know, their impact, but also to be able to act. So, this is one step forward in the right direction.
And it goes to what the Governor was saying, you know, when you’re talking about growth policies and the spillover that this overcapacity can have to our economy and how we’re going to react. This is really a step forward in—you know, when I say where you find common ground, people have talked about tariffs, but definitely there will always be tension around tariffs, but there’s also places where you find common ground and saying this is one of them.
With respect to low-value shipments. This is something that we had looked at, and, you know, the impact that it poses to our respective jurisdictions, you know, the very large increase, the issue around, you know, that could facilitate all sorts of things in terms of illicit drugs. We’ve seen a number of other activities that we want to make sure that we coordinate our policy action around that. There’s a big environmental footprint from these low packages. There’s also challenges in terms of customs and duties around that.
So, the fact that the G7 has decided to really look into that more, I think, is a good message because, also that, as you know, is very detrimental to domestic, small retailers, and so, therefore, we want to look at that. Obviously, Canada is probably in a better place than many because, you know, our threshold is already very low. We inspect pretty much all the packages that come into our country. So, but we want to see also a level of coordination because you have to think about global logistics. We were mindful that they’ve packaged—these global logistics, to the extent we can align, have track, you know, mechanisms in order to be able to detect those that could be problematic. I think this is a step forward for the world.
Question: And for Mr. Macklem—Governor Macklem. Pardon me. Forecasters see Canada headed for two consecutive, back-to-back quarters of either negative growth or flat growth largely in part of, because of the US tariffs. Is that threat of US tariffs still the biggest risk to Canada’s economy right now, or have you changed your mind after discussions here with Bessent?
Tiff Macklem: Well, I am certainly encouraged by the discussions we had over the last three days, but there’s a lot more work to do. And if you go back to our January monetary policy—or sorry, our April Monetary Policy Report, you know, faced with a great deal of uncertainty, we actually didn’t publish a central scenario. We published two different scenarios. And in terms of, you know, the outlook, we’re going to get, we’re going to get the first quarter next Friday, first-quarter national accounts, you know, I think we’ll see how it shakes out.
What we’ve seen in the data is there’s, it looks like a pretty big pull forward on exports. Exports are going to, you know, hold GDP growth up. You’ll probably see some inventory accumulation, that will hold it up. On the other hand, I think consumption is going to be weaker than it was in the previous quarter, and business investment in particular, I think, is probably going to be quite a bit weaker. Certainly, you know, what we hear talking to businesses is they, they’re really pausing their investment. They are waiting for more clarity on the way forward.
You know what that means is you get to the second quarter. I expect the second quarter will be quite a bit weaker just because, you know, the consequence of a pull forward means, you know, you’re going to have less in the next quarter. You could see some inventory decumulation. So, yes, I’m expecting a weak, weak second quarter.
Where we go from there, I think, really depends on where does, you know, what happens to tariffs. I know Canada is keen to sit down with the United States and work through our differences and come to an agreement. I think if we could get that clarity, we can get back to growth. Clearly, if things move in the other direction, yes, it’ll be worse.
Question: In French, please, Mr. Macklem.
Tiff Macklem: Yes, okay.
(Off camera)
In terms of the evolution of the economy, GDP for the first half of the year, exports are going to be strong for—they were pulled forward to avoid the tariffs. But I think that consumption is going to be weaker than it was, and especially investment, probably very weak in the first quarter; that’s what we’re hearing from all the businesses that are pausing their investment decisions.
For the second quarter, probably—in the first quarter, probably between one and two per cent, but the problem is that a pull forward on exports means that the second quarter will be weaker. And after that, really, we’ll see. It will depend a lot on what happens. And I know that Canada wants to sit down with the United States to come to a new trade agreement, and I think that if there is more clarity, less uncertainty, we can get back to growth. Otherwise, yes, the economy will be weak.
Moderator: We’ll take one last question.
Hon. François-Philippe Champagne: Go ahead, madam.
Question: One and one (inaudible), perfect. So, first of all, I want to delve deeper into what was just raised on the issue of tariffs.
Hon. François-Philippe Champagne: Perfect.
Question: You say that your discussions with the United States went well, that you get along well. How reassured are you by what was said in those meetings to think that perhaps Canada will not be subject to new waves of US tariffs?
Hon. François-Philippe Champagne: Listen, I’m not going to make any predictions about the future. What I am conveying to you is exactly the discussion I had with the Treasury Secretary. We have a good collaboration.
You know, we have to put it in context, that was a G7 discussion. So, obviously, as President of the G7, as co-President of the G7, our role of course is to advance the G7 agenda. It’s normal that as Canadian ministers, of course, we also advance Canada’s interests. But the fact that we can talk to each other, the fact that we can exchange in a very direct way, in a very productive way, the fact that we—every time I have the opportunity to remind our American neighbours of the importance of Canada in the integrated North American economy, I think that’s a good thing.
You’ll understand that my role is obviously to defend Canadian interests, Canadian workers and Canadian industry, but also, at the same time, in this role within the G7, I think that we have succeeded, with the Governor of the Bank of Canada, in really putting forward an agenda that will allow us to reduce instability and promote growth. That was really the goal we set for ourselves.
And you know, when you start these discussions, well, you arrive with a mission, with ideas, with a vision. But what emerged from it today, what I think has made Canada successful is that we are more united. We are more united than ever. So, I think it’s a good message for the people who are watching us because, of course, what happens at the G7 has an impact globally. And I think that our Finance Ministers and Central Bank Governors Meeting is also a good precursor to the Leaders’ Summit that will take place in a few weeks. So, I think that by coming out here united, with a clear, strong and ambitious message, well, I think that it creates this momentum going forward within the G7, which Canada has the honour of presiding this year.
Question: And I’m going to end on—
Tiff Macklem: I’ll just point out that I was encouraged by the mood. As the Minister mentioned, the Treasury Secretary was here for all three days. He was very engaged. He participated a lot. And the mood was collegial and productive. But there is still work to do. So it’s a good step but there’s still work to do.
Question: I just want to end on—
Hon. François-Philippe Champagne: Go ahead. Of course.
Question: Ukraine, if you will allow me.
Hon. François-Philippe Champagne: Yes.
Question: I didn’t identify myself. Anne Levasseur from Radio-Canada. Sorry.
Hon. François-Philippe Champagne: It’s a pleasure.
Question: So, on Ukraine, it’s quite striking that the notion of illegality was not included in this communiqué, in English or in French. Yet that is what you said first in your statement today. Why was the decision made not to use this word? Was it a matter of not upsetting certain people around the table?
Hon. François-Philippe Champagne: No, no. I think you’re reading too much into whether this is being added or not. You know, everyone is clear that the position of the G7 countries is unanimous on this issue.
You know, I made a statement. There are several comments. I was with him, I was even the one who received Finance Minister Marchenko when he arrived in Canada. We spent a day together. We had a very good discussion with colleagues.
I don’t think one should read too much into the fact that in one statement or another there may be a word that has or hasn’t been added. I think that the message that comes out of this G7 very clearly is this unity, that we are working together, shoulder to shoulder, to support Ukraine, that we want to participate in the reconstruction. Canada will have a role in the reconstruction of Ukraine.
And at the same time, I think that the paragraph that you should pay attention to the most is the one where we included the idea that had been put forward by US Treasury Secretary Bessent: that entities that may have directly or indirectly supported the Russian war machine will not be able to participate in the reconstruction. I think if you are looking for a core element, a pillar of this G7 communiqué, well, you have it in front of you, because putting that in the text was really a key element of the support of the different G7 countries for Ukraine. So, I think it’s in that paragraph where you’re really going to find the heart of our collective commitment.
Question: Thank you.
Hon. François-Philippe Champagne: And just as I finish, because then there’s no—I just want to take a minute to thank, obviously, the Governor, the Bank of Canada, all the folks, but also the First Nations, the First Nations here who have welcomed us in this beautiful town, in this beautiful landscape.
I want to thank also all the folks here in Alberta, and particularly in Banff, who have been great hosts. I can tell you, I have done a few G7 in my life, I’ve done a few G20, but the delegates are leaving here more inspired than ever. I left today with three words. I said let’s seize the moment, let’s be ambitious, and let’s, you know, let the world see our unity and purpose in action. And I think everyone is leaving Banff, everyone is leaving Canada inspired by the work that we have achieved here. And I think we did a great favour to the world by shaping a global agenda that will deliver for people around the world.
So, in that, I just want to say thank you for our host, the First Nations, who have been with us here in Banff, in Alberta.
Thank you everyone.
Tiff Macklem: Thank you.