U.S. Treasury Secretary Scott Bessent met with Canadian Finance Minister Francois-Philippe Champagne last week to address trade imbalances and coordinate pressure on Russia.
The high-level meeting signals growing U.S. concerns over auto trade disparities with its northern neighbor while emphasizing allied unity on sanctions against Moscow and supply chain security amid China’s rare earth restrictions.
Bessent pushed Canada to tackle what the administration views as unfair advantages in automotive trade between the two nations. The secretary didn’t specify which imbalances concern Washington most.
The Treasury chief also pressed Champagne to join European and British allies in tightening economic screws on Russia. He called for unified G7 action to increase financial pressure on Moscow.
China’s control over rare earth exports emerged as another key topic during the bilateral talks. Bessent stressed the need for Western allies to develop alternative supply chains for these critical minerals.
The discussion reflects the administration’s broader push to realign trade relationships and strengthen economic alliances against rivals. Canada remains America’s second-largest trading partner after Mexico.
The meeting also comes after President Donald Trump’s warning last month that the U.S. may impose additional sanctions on Moscow following a wave of Russian drone strikes on Kyiv, as previously reported by The Dallas Express.
According to the Treasury Department’s official readout, neither official provided details on Canada’s response to the U.S. demands or a potential timeline for addressing the concerns raised.