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(Bloomberg) — Prime Minister Mark Carney said Canada is open-minded to building closer trade connections with the US and Mexico in certain industries to create greater economic prosperity on the continent.
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“Like Mexico, Canada remains open to deeper integration, including options for ‘Fortress North America’ in selected sectors,” the prime minister said in a speech to a political conference in Toronto on Saturday.
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Carney didn’t say which industries he thinks are ripe for deeper ties. “To be clear, those offers are on the table,” he said. “But if that route is not ultimately possible, we will invest heavily in new markets and products.”
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The prime minister and other Canadian politicians have previously talked about the potential for more co-operation among North American trading partners, including in energy and critical minerals. The premier of Ontario, for example, proposed an “Am-Can Growth Plan” to help boost mineral development and processing.
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The US, Mexico and Canada are set to undergo a review of their trade deal this year, six years after it came into effect during Donald Trump’s first term. The president has upended the relationship with both countries by imposing tariffs on products like cars and steel, where companies have built supply chains that crisscross the continent.
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Carney has set out a goal of doubling Canada’s non-US exports within 10 years.
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Steve Verheul, who was Canada’s chief trade negotiator during Trump’s first term, said this week the US wants to “keep China out, by and large.”
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But Carney has already agreed to one limited tariff pact with China that allows imports of some Chinese electric vehicles at a low tariff rate — a move that irritated Trump and his officials. Canada is trying to strike new deals with India, the Mercosur nations in South America and other trading partners.
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