With the threat of punishing tariffs on pause but still hovering over the Canadian economy, Prime Minister Justin Trudeau announced the government will host a Canada-U.S. Economic Summit later this week, aimed at increasing investment and easing internal trade barriers.
The event will be held in Toronto on Friday and will hear from Canadian leaders in trade, business, public policy and organized labour, according to a news release from the Prime Minister’s Office.
“This is an important opportunity to build a long-term prosperity agenda for Canada,” Trudeau said in the statement on Wednesday.
“One that is resilient, that breaks down barriers between provinces and territories, and that is diversified in global trade.”
Earlier this week, U.S. President Donald Trump announced he was shelving his promise to impose 25 per cent tariffs on Canadian goods for at least a month. The reprieve came following an afternoon call with Trudeau on Monday, just hours before the tariffs were scheduled to come into force, likely devastating the Canadian economy.
Trump has suggested he’s still looking for some sort of “final economic deal” with Canada down the line.
Trudeau said Friday’s summit is meant to “explore ways to grow Canada’s economy, make it easier to build and trade within the country, diversify export markets and rejuvenate productivity.”
The president has rattled off a number of reasons for why he thinks tariffs are justified against Canada, his country’s longtime ally. He has routinely raised concerns with what he sees as security threats at the northern border, mainly the flow of illegal fentanyl and migration into the U.S.
Trudeau said he pitched Trump an updated border strategy during their Monday call, reminding the president that Canada is moving ahead with its previously announced $1.3-billion border security plan, which includes reinforcing the nearly 9,000-kilometre border with new helicopters, technology and personnel.
According to a statement, Trudeau did commit to three new measures on the call: creating a “fentanyl czar“; promising to list Mexican cartels as terrorists under Canadian law; and establishing a new $200-million intelligence directive on organized crime and fentanyl.
