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It comes in the wake of the U.S. imposing global tariffs that have resulted in many countries reconsidering their trading relationships. 

“We had a very good day of discussions, a very good engagement,” said Finance Minister François-Philippe Champagne as he stepped outside for a breath of air late Wednesday afternoon.

“You’ve seen all the delegations of the ministers and we’re making progress in our discussion and the different issues we decided to tackle ... so I’m very optimistic.”

But Champagne was less clear about whether the ministers would come out with an agreement when meetings wrapped up on Thursday.

“I’ve always said it is easier to predict the past than the future,” he said.

“There was a lot of discussion this morning where I would say we together have been able to align to allow the G7 to make progress, which is a good thing.”

Champagne was preparing for an evening meeting with U.S. Treasury Secretary Scott Bessent, one of the key architects behind President Donald Trump’s sweeping tariffs.

“I don’t want to prejudge what we’re going to be talking about. There’s a lot for Canada and the United States to discuss,” he said.

“There’s a number of issues we’re going to be talking about and I’m sure we’ll have more to say when we come out of it.” 

Champagne said progress was made in coming up with plans to help rebuild Ukraine with the country’s finance minister attending as a guest.

“We stand shoulder to shoulder. We will hold Russia to account and the issue about reconstruction. Seeing a very strong united G7 with Ukraine, I think it’s one of the key takeaways from this meeting.”

Bessent and Champagne exchanged a friendly handshake at the morning photo opportunity. “It’s great to have you here,” Champagne said. 

With the slopes of Mount Rundle as a backdrop, Champagne and Bank of Canada governor Tiff Macklem shook hands and posed for a family photo with the group. 

“We brought the sunshine for you, minister – Canadian sunshine,” Champagne, flanked by two Mounties, told Japanese Finance Minister Katsunobu Kato in the courtyard of the Rimrock Resort Hotel. 

Leaders of organizations, including the World Bank, International Monetary Fund and Financial Stability Board, are also at the meeting. 

“We’ve got lots of financial reform on the agenda,” Macklem said to Klaas Knot, chair of the Financial Stability Board. 

“I love financial stability, today and tomorrow,” Knot replied. 

Champagne and Macklem also met officials from France and Italy, and Bessent’s U.S. team met with German and Japanese officials. 

The finance minister’s collaborative tone may run into roadblocks as the countries work toward the final joint statement that is traditionally produced at the end of summits, said John Kirton, director of the University of Toronto’s G7 Research Group. 

Whether the U.S. is willing to describe the war in Ukraine as an illegal attack by Russia is likely to be a point of contention due to Trump’s friendlier approach to Russia, Kirton said. Champagne invited Ukraine’s finance minister to this week’s summit. 

Kirton said there’s a chance no written communique comes out of Thursday’s meetings. He said that would be a “disappointment” because Champagne, as host, wanted to send a message of unity ahead of the meetings. 

The G7 comprises Canada, the United States, France, Germany, Italy, Japan, the United Kingdom and the European Union as a “non-enumerated member.” 

— With files from Bill Graveland in Banff

This report by The Canadian Press was first published May 21, 2025.