Canada Aims for Resilience in Trade War with US

Canadian Prime Minister Mark Carney spoke at the Canada Investment Summit in Toronto, signaling that Ottawa is prepared to wait for the right conditions rather than rush into a deal with Washington regarding their trade war. Carney stated that Canada intends to emerge from the trade war as a more resilient and independent economy.

In his speech, Carney emphasized the importance of respecting each other's traditions and sovereignty in international economic relationships. He noted that about 80% of trade between Canada and the US remains tariff-free.

Carney also announced an expansion of business tax breaks, which will allow businesses to immediately write off more than 65% of eligible capital investment. This move is expected to nearly halve Canada's effective tax rate on new investment to 6.4%, less than half the US rate.