Canada's Champagne: G7 to address risks from low-value package shipments

Canada's Champagne: G7 to address risks from low-value package shipments

Canada's Finance Minister François-Philippe Champagne has confirmed that the Group of Seven (G7) nations are considering coordinated efforts to impose tariffs on low-value Chinese imports. This decision comes amidst ongoing discussions at the G7 Finance Ministers' summit in Banff, Alberta, which are also addressing the global trade system disrupted by U.S. President Donald Trump's tariffs [1].

During a news conference, Champagne highlighted that the G7 is exploring ways to tackle the issue of inexpensive Chinese goods, often sold through e-commerce platforms at prices that evade traditional tariffs. The minister noted that overcapacity issues and non-market behavior are distorting global trade dynamics [2].

The U.S. had previously revoked the so-called de minimis exemption for certain Chinese e-commerce shipments, which has sparked renewed discussions among G7 members. The U.S. Dollar Index (DXY) has experienced selling pressure following these comments, losing 0.35% on the day to trade near 99.70 [2].

The G7 Finance Ministers' meeting in Banff is part of a larger series of events leading up to the G7 Leaders' Summit in nearby Kananaskis, Alberta, from June 15 to 17. The summit is expected to address various global economic challenges, including the war in Ukraine and the impact of artificial intelligence on the global economy [1].

References:
[1] https://www.cbc.ca/news/canada/calgary/g7-finance-ministers-banff-global-economy-ukraine-1.7540831
[2] https://www.fxstreet.com/news/canadian-finmin-g7-weighs-joint-tariffs-on-low-value-chinese-imports-202505210247