John Ivison: If Canada really is open for business, Carney needs to rein in labour strife - National Post
Prime Minister Mark Carney. Photo by Gavin Young/PostmediaArticle contentMark Carney’s pitch to over 100 institutional investors from 11 countries, responsible for over $70 trillion, in Toronto this week is that Canada is open for business.
The early signs from the Canada Investment Summit are that the Prime Minister is on track to raise $1 trillion in new spending commitments over the next five years. Eight Canadian financial institutions have already pledged more than $300 billion to finance and underwrite energy, critical mineral, defence, digital and infrastructure projects.
But what all those investors and potential investors want to know is: can Carney guarantee continued preferential access to the United States; and, what is the federal government going to do about labour and regulatory hurdles that make this country such a difficult place to do business in comparison to its peers?
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On the first point, the signs point to a deal with the United States this year. According to people close to the negotiations, the U.S. Trade Representative, Jamieson Greer, would prefer to deal with a Republican-dominated Congress, something that is unlikely to survive November’s midterm elections.
The U.S. and Mexico are rushing to finalize an interim deal before the midterms. In August 2018, it was the preliminary deal between the two that was extended the following month to include Canada. Something similar may happen this time around, with Ottawa being invited to join an existing bilateral deal between Washington and Mexico City.
What shape that agreement will take remains to be seen, but the more U.S. President Donald Trump talks about Canada wanting a deal, the likelier it is that he is pushing for one.
Carney has to win over Ontario Premier Doug Ford, which means a lower effective tariff rate on autos than was on offer last month. But sources suggest the Americans want assurances that were not included in the August deal — namely, first right of refusal on critical minerals, the purchase of all 88 F35 fighter jets and participation in the Golden Dome missile defence shield.
