Canada says G7 finance ministers to focus on restoring stability, growth
The meetings over the next two days in 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 the G7 and bilaterally with U.S. Treasury Secretary Scott Bessent about the impact of President Donald Trump's new 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 to push G7 allies to 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 threatening G7 and other market economies.
But G7 members Japan, Germany, France and Italy all face a potential doubling of reciprocal U.S. duties to 20% or more in early July. Britain negotiated a limited trade deal that leaves it saddled with 10% U.S. tariffs on most goods, and host Canada is still struggling with Trump's separate 25% duty on many exports.
Champagne also said that the G7 group 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 Ukrainian Finance Minister Serhii Marchenko and pledged to continue Canada's support for Ukraine in its struggle against Russia's invasion. He also said Canada is considering helping Ukraine build a Canadian-style pension system.
Marchenko told reporters that he would seek to reiterate Ukraine's arguments for strengthening sanctions against Russia, including through lowering the level of the G7-led $60-per-barrel price cap imposed on Russian crude oil exports.
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Politico
8 minutes ago
- Politico
Republican tax law leaves experts searching for words
At the same time, it remains to be seen whether Republicans' decision to dub their new savings accounts for children 'Trump accounts' will prove a marketing misstep that will blunt its appeal to the 75 million Americans who voted for Kamala Harris. The overall legislation was christened by Trump, but the 'One Big Beautiful Bill Act' was scrubbed from the legislation once it got to the Senate, after Democratic leader Chuck Schumer had it struck as a violation of the chamber's internal rules — the latest shot in a long-running feud in which the two parties take turns deleting the names of each other's reconciliation bills. 'I just forced Republicans to delete their ridiculous bill name,' Schumer wrote shortly thereafter on X. 'Nothing about this bill is beautiful.' Technically the legislation is now called 'An act to provide for reconciliation pursuant to title II of H. Con. Res. 14.' Of course, that isn't stopping many from still using the now-unofficial name. 'One Big Beautiful Bill Act' was the winner in a recent EY survey of 10,000 tax pros asking how they referred to the tax law. 'OB3" came in a close second. A similar survey by Grant Thornton also had those names going one-two. Over at the Tax Policy Center, senior fellow Howard Gleckman prefers the colloquial '2025 budget act' or, simply, 'the big budget bill.' The studiously nonpartisan Congressional Budget Office, meanwhile, uses the extremely neutral 'H.R. 1.' Some of the individual provisions have been renamed to reflect substantive changes made by the legislation. 'GILTI' was made obsolete by Senate Republicans' revisions to how multinationals will be taxed. The original tax was intended to target profits from things like patents that businesses squirreled away in tax havens. Republicans had trouble coming up with a way of legally defining those earnings, so in the 2017 law they essentially said GILTI was everything except profits resulting from tangible assets like factories. The idea was to distinguish between the money companies made from their actual operations abroad from things that were just accounting maneuvers. Naturally, the tangible stuff got its own acronym — QBAI, or Qualified Business Asset Investment. But the new law dumps QBAI, and so the distinction made by GILTI no longer matters, leaving the tax world with 'Net CFC Tested Income.' Something similar is happening with FDII, or Foreign Derived Intangible Income, another provision that originated in 2017. It's a deduction for companies with overseas profits from intellectual property held in the U.S. — although it's probably best known for inspiring a years-long dispute about whether it should be called 'Fiddy' or 'F-D-I-I.' QBAI was part of the calculations that went into FDII, so, with QBAI now going away, FDII is also renamed in the new law, as the Foreign Derived Deduction Eligible Income, or FDDEI. But if anything, it's even less clear how to shorthand that. Warren Payne, a former Republican tax aide now at the firm Mayer Brown, says he's heard it called 'Fa-Day' — though he's not going there. 'I haven't figured out how to pronounce it,' he said. 'I just spell it out.'
