OTTAWA — Prime Minister Justin Trudeau will host a Canada-U.S. economic summit in Toronto on Friday, days after President Donald Trump said he would hold off on deploying his threatened tariffs against Canada for a month.
"We want businesses, investors and workers to choose Canada," Trudeau said in a news release.
The Prime Minister's Office said the pause on tariffs presents an important opportunity to build a long-term prosperity agenda for Canada.
The event will assemble Canadian trade and business leaders and representatives of organized labour to discuss strategies to expand the economy, break down internal trade barriers and diversify exports.
It will also feature members of the Council on Canada-U.S. Relations, formed earlier this year to advise Trudeau on bilateral relations and Trump's tariff threat.
Trudeau held a virtual meeting with the premiers Wednesday to discuss the federal government's response to the tariff threat.
Trump signed an executive order on Saturday to impose 25 per cent across-the-board tariffs on all Mexican and Canadian imports, with a lower 10 per cent tariff on Canadian energy. The president linked the duties to what he called the illegal flow of people and fentanyl across the borders.
The threat of a trade war — which economists have said would damage both economies and boost inflation — was resolved temporarily Monday for both countries after Trump spoke separately by phone with Trudeau and Mexican President Claudia Sheinbaum.
Trump agreed to freeze the levies until March 4 in response to border security commitments from Canada and Mexico. Trump said in a social media post that the tariffs will be delayed to see if the two countries can reach a "final economic deal."
Canadian officials have taken little solace from the delay. The president has made a wide range of complaints against Canada, citing trade deficits and Canada's modest defence spending. He has said repeatedly he wants to make the country the 51st state.
Experts have warned that ongoing trade uncertainty will make Canada a less desirable place to invest than the U.S.
Energy and Natural Resources Minister Jonathan Wilkinson, Industry Minister François-Philippe Champagne and Defence Minister Bill Blair were in the U.S. capital this week looking to arrange meetings with industry representatives, Republican lawmakers and key members of Trump's team.
A delegation of Canadian premiers will also make the case for Canada in Washington next week.
This report by The Canadian Press was first published Feb. 5, 2025.
Kyle Duggan, The Canadian Press
