U.S. Treasury Secretary Scott Bessent and Canadian Finance Minister Francois-Philippe Champagne are scheduled to hold a bilateral meeting late Wednesday on the sidelines of the Group of Seven finance and central bank meeting.

U.S. Treasury Secretary Scott Bessent will join fellow G7 finance ministers and central bank governors for the Tuesday-to-Thursday meeting in the Canadian Rocky Mountain resort town of Banff, Alberta. That puts disagreements over steep new tariffs imposed by Trump at the center of the discussions.

"The G7 matters, especially if we agree China is our main competitive issue and adversary," Flavio Volpe, president of the Automotive Parts Manufacturers' Association said.