OTTAWA — Finance Minister François-Philippe Champagne is set to meet with his U.S. counterpart on the sidelines of the G20 finance ministers’ meetings in North Carolina this week.

Champagne is in Asheville, NC, from Aug. 31 to Sept. 1 with ministers of finance from across the G20 group of nations. Central bank heads — including Bank of Canada governor Tiff Macklem — are also attending the summit.

Champagne’s spokesperson John Fragos confirmed in a media statement Monday that the minister will meet with U.S. Treasury Secretary Scott Bessent while in Asheville.

It’s believed to be the first face-to-face meeting between high-ranking Canadian and U.S. officials since trade talks between the two nations broke down 10 days ago and gave way to an escalating tariff fight.

Washington has imposed 50 per cent tariffs on $28 billion worth of Canadian goods starting Aug. 22. Ottawa has its own list of U.S. imports that will be subject to varying tariff levels starting Sept. 8.

U.S. President Donald Trump has threatened steeper tariffs on autos and has unleashed a torrent of social media posts against Canada in recent days.

He has claimed Canada has taken advantage of the United States and urged Canadian businesses to move their operations south of the border if they don’t want to face tariffs.

While Champagne and Bessent are not chiefly responsible for trade negotiations, their portfolios give them a stake in the outcome of tariff talks and anything that affects federal finances.

Bessent also confirmed the meeting with Champagne in a Monday appearance on CNBC.

Host Sara Eisen asked Bessent if the United States is in a tit-for-tat trade war with Canada. He replied that it wouldn’t be possible for Canada to go “tit-for-tat” because the United States economy is much larger.

“I think this is very unfortunate that Prime Minister Carney has turned this into a political shouting match,” Bessent said.

“We’re not at war with Canada … are they going to take their two submarines from the Edmonton mall and sic ’em on us?”

Bessent claimed Carney was doing what was best for political considerations, not the Canadian people.

“They were offered the best trade deal of any country on the globe and he chose to walk away from it at the last minute,” he said.

Fragos said in his statement that Canada walked away from the negotiation table after the U.S. introduced unfair and uneconomic terms.

He also said that Champagne will be focusing on what Canada can offer G20 partners in a turbulent time, naming key commodities like critical minerals, energy and potash.

“This week’s bilateral meetings at the G20 reflect the spirit of collaboration and shared prosperity that Canada brings to the international stage, while advancing the trade diversification Canadian businesses are seeking amid ongoing global uncertainty,” Fragos said.

The gathering of finance officials precedes this year’s G20 leaders’ summit scheduled for December in Miami, Fla.

This report by The Canadian Press was first published Aug. 31, 2026.

Craig Lord, The Canadian Press