Tariffs are an expected topic of discussion at a meeting of the top U.S. and Canadian finance advisers late Wednesday at the G7 gathering in Canada's Alberta province.

"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.

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.