Prime Minister Mark Carney is preparing for a whirlwind trip to Europe today. Meanwhile, Day 2 of the prime minister’s investment summit courts deep-pocketed financiers, despite a destructive trade war with the U.S.
Carney said on Sunday Canada is negotiating a “unique” partnership with the European Union. He’s set to address the bloc’s parliament later this week. He’ll also meet with newly minted U.K. Prime Minister Andy Burnham.
Key points:
- Carney looking to attract $1T in new investment
- Sources say Ottawa looking at new legislation for airports
- U.S. President Donald Trump’s newest tariffs take effect
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Trump gave Carney a golden key
Carney says Trump gave him a golden key to the White House following a meeting there last year.
“I want to give you, Mark, I want to give you something really special,” Carney said during a fireside chat following his speech, recounting Trump’s remarks. “So special, Mark, so special.”
“I open this box, and it’s this big gold key. I said, ‘Wow, Mr. President, it’s fantastic.’
“And he’s like, ‘Yeah. It’s the key to the White House. You just bring it, they’ll let you in.’ And then he says, ‘Maybe they’ll shoot you.’”
Laughter followed in the room.
“And that sort of sums up the relationship that we have … and that’s sort of Canada and the U.S.,” he continued.
“In Canada, you get the key, you’re in. In the U.S., they might shoot you.”
Luca Caruso-Moro, CTVNews.ca journalist
Canada’s new ‘Mega Deduction’ tax incentive
Carney’s administration is rolling out what it calls a “Productivity Mega Deduction,” a tax incentive allowing businesses to deduct 100 per cent of the cost of eligible new investments.
Those eligible assets include fibre-optic cable, mining property, oil and gas pipelines, software, research and development, computer equipment, aircraft and vehicles, patents, rail track, bridges, and roads.
Luca Caruso-Moro, CTVNews.ca journalist
Carney wants private investors to run four largest airports
Prime Minister Mark Carney says he wants to see private investors operate Canada’s four largest airports -- Toronto Pearson, Montreal, Calgary and Vancouver.
In a keynote address at the investment summit in Toronto today, the prime minister says the federal government would retain ownership of the land and assets.
He says the goal is to shift federal spending on major airports’ operating costs toward smaller regional airports and other local infrastructure projects.
The prime minister says that putting more money into smaller airports should lead to more affordable regional and remote air travel.
The Canadian Press
Canada to balance operating budget next year
Carney says his government is on track to balance Canada’s operating budget next year while “maintaining the lowest overall deficit in the G7.”
His comments were met with applause.
Luca Caruso-Moro, CTVNews.ca journalist
Carney to U.S.: ‘We have always maintained deep ties’
Carney offered a word to “our American friends” during his address, saying Canada will always be an “important” partner to the U.S.
Even during times of adversity, he said, “we have always maintained deep ties.”
“These arrangements work best when we engage as true partners … When those opportunities return, Canada will be an even better partner.”
Luca Caruso-Moro, CTVNews.ca journalist
‘We can be masters in our own home’: Carney
Carney has taken the stage to address an audience of investors in Toronto. He’s pitching Canada as a “safe harbour” in a world where “economic integration has been weaponized.”
“We can be masters in our own home.”
Luca Caruso-Moro, CTVNews.ca journalist
Carney to speak at investment summit
Carney is set to deliver remarks and hold a press conference at his government’s investment summit in Toronto today.
The prime minister is also scheduled to participate in a discussion with Deborah Orida, the CEO of PSP Investments which is one of Canada’s largest pension investors.
Hundreds of executives and global asset managers are in Toronto this week for Canada’s first-ever national investment summit and Carney has set an ambitious goal of attracting $1 trillion in new investment over the next five years.
Day one of the investment summit saw billion-dollar announcements and changes to Canada’s tax policy.
The federal government said investors putting $1 billion or more into Canada’s economy will get priority access to a program that offers binding decisions from the Canada Revenue Agency, while Saskatchewan Premier Scott Moe announced an expansion of Bell’s AI data centre project in Saskatchewan.
The event has been criticized by some Indigenous leaders, environmental groups and union leaders who say they worry about the future of public services, pipelines and arms manufacturing.
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The Canadian Press. Read the full story here.
Facetime with EU leaders
Carney has plans to meet with Burnham in Liverpool on Wednesday night, where the men could take in some Carabao Cup action while discussing priorities for their relationship.
Known for working the phones with his European contacts – thanks to his tenure as governor of the Bank of England – Carney’s office has indicated the prime minister will also try to meet with additional European leaders as opportunities arise during the two days overseas.
One area where additional facetime could come in handy would be seeing if any progress can be made on pushing the final 10 European countries holding out to finally ratify the decade-old Canada-EU Comprehensive Economic and Trade Agreement, known as CETA.
This example has recently been pointed to by those who caution Carney moving too many of Canada’s economic eggs into the European basket, given the glacial pace over movement and often disparate views of some EU member states.
Rachel Aiello, CTV News national correspondent. Read the full story here.
New U.S. tariffs arrive
The latest U.S. tariffs on a small number of Canadian goods went into effect Tuesday as Washington presses on in its trade war with Canada.
The White House said last week it would impose 50 per cent tariffs on goods representing about 0.6 per cent of U.S. imports from Canada, such as outboard motorboats and metal and paper products.
American officials also said 50 per cent tariffs on goods representing about 0.5 per cent of U.S. imports from Canada, such as cement, sugar, toilet paper and fishing rods, would be removed.
The latest tariffs come amid an ever-evolving trade war between the two countries after Canada walked away from formal negotiations last month. Carney said the Americans made last-minute demands that would undermine Canada’s sovereignty.
U.S. President Donald Trump imposed tariffs on nearly $28 billion in Canadian goods in August, while Ottawa followed suit with retaliatory tariffs on American products.
Trump has also ordered bans of imports of Canadian-made liquor and a handful of dairy products that will go into place Sept. 29.
The Canadian Press. Read the full story here.
‘I welcome the president’s comments’: Carney
Amid comments from Trump over the weekend that his administration could reach a trade deal with Canada “fairly soon,” Carney says he still has hope.
In an interview with Bloomberg on Monday, when asked for an update on negotiations with the U.S., Carney reiterated what he has said several times in recent weeks: that he believes a “mutually advantageous” deal is still possible.
“One that respects our sovereignty, respects obviously the U.S. sovereignty, respects our cultural institutions, and that is a possibility,” Carney said. “We’re ready to sit down and negotiate that and move it forward.”
“So, I welcome the president’s comments,” he added.
Spencer Van Dyk, Ottawa News Bureau producer
New airport legislation expected: sources
The federal Liberal caucus hastily called a meeting with its MPs on Monday to discuss the future of Canadian airports, according to multiple sources.
Those sources tell CTV News that only MPs and none of their staff were allowed on the call.
The federal government has been actively exploring the privatization and alternative ownership models of its major airports, which currently run under a not-for-profit model where local airport authorities manage federally owned land via long-term leases.
In both the 2025 federal budget and this spring’s economic statement, the federal government signalled its intent to pursue alternative ownership models.
One MP, who was on the call, tells CTV News the call focused on the selling of Canada’s four big airports – Toronto-Pearson, Montreal-Trudeau, Calgary and Vancouver – and opening them to foreign investment.
Ottawa News Bureau staff. Read the full story here.
