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Canada's finance minister says he is hopeful the threat of retaliation against U.S. trade measures will persuade the Trump administration to back away from the steel and aluminum tariffs it has imposed on its G7 allies.

The tariffs have landed just as Finance Minister Bill Morneau presides over a meeting of G7 finance ministers at which the event's pre-set agenda has been overtaken by fears of a trade war.

Morneau said Friday that Canada isn't ready to discuss support or potential bailout packages for Canadian business sectors affected by the tariffs. He says the focus now is to use the threat of retaliatory measures to pressure the U.S. into reconsidering its own tariffs before any negative economic impact actually materializes.

Canada's retaliatory tariffs don't go into effect until July.