Carney: Canada Will Emerge from Trade War Stronger and More Independent

Canadian Prime Minister Mark Carney addressed hundreds of global investors at his Canada Investment Summit in Toronto, reiterating that Canada will emerge from its trade war with the United States as a stronger and more independent economy. Speaking without naming U.S. President Donald Trump directly, Carney criticized the increasingly transactional approach to international economic relationships, saying 'transactions are replacing relationships, and zero-sum is favored over win-win.'

Citing Canada's decision to wait for the right conditions rather than rush into a deal with Washington, Carney said that when the time comes, Canada will be ready. He also unveiled an expansion of business tax breaks, which will nearly halve Canada's effective tax rate on new investment to 6.4%, less than half the U.S. rate.

The incentive for companies to invest in Canada is twice as high as it is in the United States, according to Carney. He also announced that Ottawa will seek private investment through long-term concessions to operate Canada's four largest airports, which could raise tens of billions of dollars to reinvest in transportation and other infrastructure.