Last week, U.S. Secretary of the Treasury Scott Bessent held a meeting with Canadian Minister of Finance and National Revenue Francois-Philippe Champagne in Washington. The discussion focused on ongoing U.S. trade concerns with Canada, particularly regarding imbalances in the auto sector.
During the meeting, Secretary Bessent urged Canada to address these outstanding issues and called for further engagement to resolve them.
Bessent also highlighted the Biden Administration’s position that Canada should work together with European partners and the United Kingdom to increase economic pressure on Russia through coordinated actions within the G7 group. “The Secretary also emphasized the need for a unified response towards China’s global rare earth export controls, and the importance of diversified supply chains,” according to a statement from the Treasury Department.
The talks reflect continuing efforts among allied countries to coordinate economic strategies in response to global challenges involving trade policy, geopolitical tensions with Russia, and competition over critical materials such as rare earth elements.
