Varcoe: 'Frank discussion' on tariffs inevitable, as G7 finance ministers meet to discuss global economy
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Champagne said tariffs have 'brought a level of uncertainty and instability in financial markets that we have not seen in a long time.'
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The U.S. has placed tariffs on Canadian steel, aluminum and some auto parts, and implemented 'reciprocal tariffs' on other countries last month, which were then paused for 90 days.
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On Sunday, Bessent told CNN that the United States could reinstitute reciprocal tariffs on other countries, noting 'President (Donald) Trump has put them on notice that if you do not negotiate in good faith, you will ratchet back up to your April 2 level.'
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Part of the concern in Washington has focused on the trade deficits that the U.S. has with other countries, including Canada.
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Last year, Canada had a merchandise trade surplus of $102 billion with the United States, driven largely by energy exports.
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Earlier this month, the U.S. administration reached a trade deal with the United Kingdom — with a 10 per cent tariff on imports into the U.S. — and a temporary arrangement with China on lowering sky-high tariff rates.
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'I don't have a crystal ball, but one thing is clearer, (that) we know more today what kind of deal the United States may be looking for from its partner,' Champagne said.
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'In a sense, the blueprint that has come out from the deal between the United Kingdom and the United States is giving some indication as to where the White House may want to go when it comes to trade deals.'
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Analysts have wondered if the other countries in the group will develop a common position on American tariffs, given they're facing a similar challenge.
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'We all have our own distinct reality. I mean, the reality of Canada is that we are the largest trading partner of the United States, so our reality is somewhat different than some of the other countries,' said Champagne.
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'I always say that there might be short-term turbulence, but I'm very confident that in the long term, we're going to build a more prosperous, more resilient, more ambitious Canada.'
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Alberta Central chief economist Charles St-Arnaud said the trade war has rattled the global economy, although there is more clarity today than on 'Liberation Day,' when the U.S. unveiled its reciprocal tariffs and sent tremors through stock markets.
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'The uncertainty is still quite high,' St-Arnaud said Tuesday.
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'The extreme downside risks of a global recession have been reduced, but it still means global activity will be slower than what we thought at the beginning of the year.'
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Indeed, the state of the global economy remains 'precarious' and tariffs have created a sense of economic uncertainty, making it difficult for companies to make investments, said Matthew Holmes, executive vice-president of the Canadian Chamber of Commerce.
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