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Canadian Prime Minister Mark Carney has reassured the US that Canada will remain a key partner despite an ongoing trade war that has seen relations between Ottawa and Washington unravel.
Speaking at the Canada Investment Summit in Toronto on Tuesday, Carney said: “To our American friends, let me say this. We will always be neighbors, and Canada will continue to be the US’s most important partner in many key areas.”
“Even at times of disagreement over our long-shared history, we have always maintained deep ties,” Carney went on, while pledging that Canada would be an “even better partner” when future “opportunities return.”
“Stronger, more resilient, more independent, ready to advance our mutual, economic, and security interests,” he told the audience.
The two-day Investment Summit, billed as a “first-of-its-kind gathering” in Canada, brought together global investors, Canadian executives and representatives from the public sector as Ottawa seeks to diversify and bring new investment into the country.
The goal, the government says, is to attract C$1 trillion in investment over the next five years.
In a statement later on Tuesday, Carney’s office said the summit had resulted in nearly C$500 billion in new investment commitments, including almost C$100 billion in new capital for Canadian assets from pension funds, insurers, and institutional investors, C$325 billion in new financing for Canadian businesses and infrastructure from banks, and over C$14 billion in capital to grow Canadian businesses, infrastructure, and “strategic sectors” from investment funds.
It comes amid a growing trade dispute between the US and Canada that came to a head last month after negotiations over a deal to avoid hefty duties on some Canadian goods fell apart.
Following the breakdown in talks, 50% US duties impacting around C$28 billion worth of Canadian goods came into effect in late August, prompting Ottawa to announce counter-tariffs of up to 15, 25 or 50% on roughly C$27.6 billion in imports from the US.