BANFF — There's a sense of unity coming out of this week's summit with finance ministers and central bankers across the G7, Canada's finance minister said Thursday.
The group gathered in Banff, Alta., less than a month ahead of the G7 leaders summit set for June in nearby Kananaskis.
They came out with a 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," Finance Minister François-Philippe Champagne said at a news conference.
The summit was about going "back to basics," Champagne added.
He said the ministers found common ground on several issues, including combating financial crime and supporting Ukraine in its war with Russia. The group also agreed on the need to monitor and assess risks that artificial intelligence 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 communique made no mention of the sweeping tariffs from the United States, which continue to send shock waves through the global economy.
The 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 at the meeting, his first with finance ministers from the G7. Champagne said the two got along well but didn't say whether Bessent was considering changes to the tariffs.
Bank of Canada governor Tiff Macklem, who co-chaired the summit, said discussions included a focus on improving the dialogue around tariffs.
Macklem later said many businesses have paused investments due to tariff uncertainty and the Canadian economy 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," he said. "If we can get that clarity, we can get back to growth. If things go in the other direction, yes, things will be worse."
While no major deals between countries were struck, the meeting was an exercise in relationship-building, said Douglas Rediker from the Brookings Institution, a non-partisan American think tank.
Rediker said it's important because Bessent is new to overseeing the United States' finances. Champagne became finance minister in mid-March and has previously overseen other economic portfolios as a minister.
John Kirton, director of the University of Toronto’s G7 Research Group, said he perceived the lack of a position on tariffs as a positive development in the ongoing trade war.
“The fact that they didn’t say anything publicly is a de facto truce in the tariff war," he said.
Other issues also weren't directly addressed in the communique, such as the energy transition featured in last year's statement.
Champagne also described Russia's invasion of Ukraine as "illegal," while the communique condemned Russia's "brutal war" and commended Ukraine's "immense resilience." Champagne denied that the wording was obfuscated.
More broadly, he said, the statement is "focused, targeted and action-oriented."
Kirton said the statement on Ukraine was "powerful," pointing to the consensus that no country that has aided Russia's war effort will benefit from Ukraine's reconstruction.
Champagne acknowledged there was speculation the countries would fail to sign off on an agreed communique, but he later told reporters it was an accomplishment to produce one.
"It's better to come up with a communique than not," he said. "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.
This report by The Canadian Press was first published May 22, 2025.
— With files from Craig Lord in Ottawa
Matthew Scace, The Canadian Press
