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Financeministersfrom the Group of Seven industrial democracies will try to agree on policies to restore globalgrowthandstability, CanadianFinanceMinister Francois-Philippe Champagne said on Tuesday, acknowledging that tensions over newU.S. tariffswould continue.

The meetings over the next two daysin the mountain resort town of Banff, Alberta, will be about “back to basics” and will include discussions about excess manufacturing capacity, non-market practices and financial crimes,Champagne told a news conference.

“I think to deliver for the citizens that we represent, our mission is really about restoring stability and growth,” Champagne said

He said discussions would take place within theG7and bilaterally with U.S. Treasury Secretary Scott Bessent about the impact of PresidentDonald Trump’snew tariffs on trading partners, and that there would always be tension around such issues.

“But at the same time, there’s a lot we can achieve together,” Champagne said. “There’s a lot that we are looking to coordinate, our actions, and really tackle some of the big issues around over-capacity, non-market practices and financial crimes.”

Bessent has sought topushG7alliesto more effectively confront China’s state-led, export-driven economic policies, arguing that this has led to excess manufacturing capacity that is flooding the world with cheap goods and threateningG7and other market economies.

ButG7members Japan, Germany, France and Italy all face a potential doubling of reciprocal U.S. duties to 20% or more in early July. Britain negotiated alimited trade dealthat leaves it saddled with 10% U.S. tariffs on most goods, and hostCanadais still struggling with Trump’s separate 25% duty on many exports.

Champagne also said that theG7group would discuss ways to better police low-value package shipments from China to combat smuggling. The Trump administration has ended a duty-free exemption for Chinese shipments valued under $800, which it has blamed for the trafficking of fentanyl and its precursor chemicals.

Reducing fentanyl trafficking is critical to lifting Trump’s 25% duties on some Canadian and Mexican goods, as well as a 20% duty on Chinese goods.

Champagne appeared with UkrainianFinanceMinister Serhii Marchenko and pledged to continueCanada’s support for Ukraine in its struggle againstRussia’s invasion. He also saidCanadais consideringhelping Ukrainebuild a Canadian-style pension system.

Marchenko told reporters that he would seek to reiterate Ukraine’s arguments for strengtheningsanctions against Russia, including through lowering the level of theG7-led $60-per-barrel price cap imposed on Russian crude oil exports.