Canada Aims to Emerge Stronger from Trade War with US

Canadian Prime Minister Mark Carney said his country will wait for the right conditions to emerge from its trade war with the US, aiming to strengthen its economy and independence. Speaking at a summit in Toronto, Carney emphasized that Canada values its relationship with the US but cannot build its strategy around nostalgia for the past.

Carney unveiled an expansion of business tax breaks, which will nearly halve Canada's effective tax rate on new investment to 6.4%, making it more competitive than the US. He also announced plans to seek private investment in Canadian airports while retaining public ownership.

The Prime Minister took aim at the transactional approach to international economic relationships, saying that countries seeking to preserve their independence need to work closely with like-minded partners. Carney will head to Europe later this week to address the European Parliament.