The finance ministers from the Group of Seven economic powers discussed issues including global trade, competitiveness, and economic growth in a virtual meeting on Monday, the Canadian finance ministry said in a statement.

"A series of recently announced trade policy measures will have implications for the economic outlook if sustained," the OECD said.

Since returning to the White House in January, Trump has unleashed a barrage of tariff announcements. He has imposed 20% levies on all imports from China, and has threatened, but delayed until April, 25% duties on most imports from Mexico and Canada as part of a demand the three countries help staunch the flow of fentanyl into the U.S.