Canada is transatlantic partner of choice amid uncertainty, Canadian minister says

Canada has become the ​transatlantic partner of choice as geopolitical uncertainties ​make trust the most valuable ‌commodity ​in international relations, Canadian Finance Minister Francois-Philippe Champagne said on Tuesday.

"What the world needs and wants today is trust. That's the most sought-after ‌commodity here, and I think Canada is seen as a trusted partner, I often say the transatlantic partner of choice," he told Reuters in an interview. Champagne spoke before meeting U.S. Treasury Secretary ‌Scott Bessent later on Tuesday on the sidelines of a G20 gathering of finance ministers and ‌central bankers in Asheville, North Carolina, with U.S.-Canada trade conflict set to be the key topic.

Canada was hit last month by U.S. tariffs of 50% on some $20 billion of Canadian goods after the two long-standing allies did not agree ⁠on ​new trade deal, prompting ⁠Ottawa to set counter-tariffs that come into effect in a week. Champagne said he would stress Canada's constructive but firm ⁠approach in his meeting with Bessent and see if there was a path forward.

"But at the same time, ​I think the American colleagues have understood that Canada will stand up," he said. Canadian ⁠Prime Minister Mark Carney called earlier this year for an alliance of "middle powers" to respond to what he sees ⁠as the ​fracturing of the U.S.-led world order.

Champagne said Canada had rapidly increased trade elsewhere to reduce its reliance on the United States, the destination of more than 70% of its ⁠exports, and said middle powers could create strategic partnerships on energy, resilient supply chains and building common ⁠institutions. "I can tell ⁠you there are a number of countries which are really keen to engage more and more with Canada and see how we can build ‌this kind of ‌informal alliance," he said.