Finance Minister Chrystia Freeland says President Donald Trump has an open strategy for the United States to create economic uncertainty in other countries to discourage investment “anywhere but the United States.” said.
“We have to be candid about the realities of the next U.S. administration,” he said at a news conference in Toronto on Friday.
Freeland described the Trump administration as a proud economic nationalist.
He said there is a global fight for capital, investment and the jobs they bring, and Canada needs to fight aggressively for capital.
“We need to get on the podium and make the case that Canada is a great place to invest,” she said.
Mr Freeland promised to elaborate on these comments in the government’s autumn economic statement, due to be released on Monday.
Federal and state governments are considering how to respond to President Donald Trump’s threat to impose a 25% tariff on all Canadian imports when he takes office in January.
Prime Minister Justin Trudeau met with Freeland, Public Safety Minister Dominic LeBlanc and the country’s prime minister on Wednesday.
Ontario Premier Doug Ford said after the meeting that Ottawa was preparing retaliatory tariffs. He also threatened to restrict electricity exports from Ontario, while government officials floated the idea of effectively banning the sale of American-made alcohol.
Not all states are planning a similar approach. “Under no circumstances will Alberta agree to a moratorium on oil and gas exports,” Alberta Premier Daniel Smith said in a statement.
Newfoundland and Labrador Premier Andrew Furey said his government has no interest in cutting off energy exports to the U.S., while Manitoba Premier Wab Kinew said his province has no interest in ending hydropower exports. He did not directly say whether he would threaten to withhold it.
Freeland said earlier this week that the country would take a “Team Canada” approach to the threat of tariffs.
“We know this is a time when Canada needs to be strong, smart and united,” she said.
This report by The Canadian Press was first published Dec. 13, 2024.
