Canadian Prime Minister Mark Carney confirmed on Sunday that the federal government will present its budget in the autumn, just days after Finance Minister François-Philippe Champagne suggested the government would issue an economic update later in the year instead of a full budget, Reuters reported.

Carney, speaking at a press conference in Rome following his attendance at the inauguration of Pope Leo XIV, explained that it would be premature to introduce a budget before the upcoming NATO summit in June and before concluding advanced economic discussions with the United States. He added that with a newly formed cabinet, there was insufficient time to draft a meaningful budget within the narrow three-week window available.

“There is not much value in trying to rush through a budget in a very narrow window – three weeks – with a new cabinet,” Carney said, according to Reuters.

The Prime Minister further elaborated that the government is focusing on areas to reduce costs and enhance the productivity of the public sector. Key considerations for the upcoming budget will reportedly include defense spending, the broader economic outlook, the tariff relationship with the United States, and government efficiency.

“Defense spending, the economic outlook, including the tariff relationship with the United States, and the [government] efficiency… all of those coming together, we will have a much more comprehensive, effective, ambitious, prudent budget in the fall,” Carney added.

Carney’s comments came in response to a post by Champagne on social media, where the finance minister confirmed that 70% of the tariffs imposed by Canada in retaliation for U.S. tariffs remain in place. This post was in response to opposition Conservative Party leader Pierre Poilievre’s accusations that Carney had quietly reduced the retaliatory tariffs “to nearly zero” without informing the public.

Carney, who was in Rome for the inauguration of Pope Leo XIV, also met with Ukrainian President Volodymyr Zelenskyy, Italian Prime Minister Giorgia Meloni, and European Commission President Ursula von der Leyen ahead of the G7 summit set to take place in Canada next month.