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.

"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.

Canada sought to send a firm message with a Ukrainian minister's presence at the start of a G7 finance leaders gathering, where war in Ukraine and economic turmoil from US President Donald Trump's tariffs remain in sharp focus.