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Carney meets Saudi Arabia’s crown prince, talks trade and investment

On Thursday in Saudi Arabia, Prime Minister Mark Carney held a meeting with Crown Prince Mohammed bin Salman to discuss ways of enhancing bilateral trade and investments after many years diplomatic tension.
Carney met with Jeddah’s business leaders, the port city at the Red Sea. This was the first visit to Canada by a Canadian Prime Minister in over 26 years.
The private sector kept the commercial relationship alive. We’ve only scratched at the surface of this relationship. Today is the beginning of the next stage of development,” Carney told attendees at a Saudi Arabia-Canada Investment Forum signing ceremony on Thursday.
Jeff Steiner of the Canada Saudi Arabia Business Council told journalists in Jeddah, that Carney’s visit is “a high-watermark” for the relations between both countries.
Canada is working on repairing bilateral relations following an incident in 2018, which resulted to the removal of both ambassadors.
Saudi Arabia halted trade negotiations after the former Prime Minister Justin Trudeau’s government criticized Saudi Arabia for its justice system and women treatment. The ambassadors returned only in 2023.
Steiner stated that “we’re going to move from reconciliation and see what opportunities are there when trust is rebuilt. To build on this trust and kind of grow wealth and opportunities for Canadians as well as Saudis.”
Saudi Arabia offers many new opportunities to Canadians, he said, including in the areas of tourism, health care, education, and energy.
Steiner referred to the mining industry, and in particular critical minerals. He noted that Saudi Arabia is “making mining its second pillar.”
Carney participated in a ceremony on Thursday between Saudi Arabian and Canadian companies and institutions. This included Canadian engineering firms Hatch, AtkinsRealis and SNC-Lavalin, which was formerly SNC Lavalin.
Al-Arabiya, a Saudi-owned state-owned news agency, reports that more than 12 agreements and memorandums signed on Thursday total $1 billion. This amount is most likely to be in U.S. Dollars, but Carney’s Office hasn’t yet confirmed it.
Carney and Saudi Investment Minister Fahad al-Saif made remarks before the signing of various agreements.
Al-Saif stated that his country was open to long-term investments and Canada could share its expertise in aviation, infrastructure and critical minerals.
Al-Saif stated that Canada offers “capital, technology and a trusted partner for the long-term.” Saudi investors are patient and bring capital to Canada. They also have a competitive policy framework.
Carney applauded Saudi Arabia’s 2030 Economic Growth Plan and made parallels to Canada’s efforts at diversifying trade, expanding infrastructure, and developing defence projects.
He said: “When you face a global crisis, which will happen, or an economic challenge, or a geopolitical problem, keep your focus on the long-term strategy.”
The private sector kept the commercial relationship — and the relationship between the two countries alive. “We’ve only scratched at the surface of what the relationship can be, but today marks the beginning of the next stage of development.”
In addition to recent visits by ministers, he said that a Canadian delegation will return to Saudi Arabia in “a few months”, to explore opportunities within the Kingdom.
The Saudi Arabian influence on culture, sports and video games was also highlighted by the Minister.
Carney stated that “the world sees this vibrant society in the Kingdom, which is becoming a hub of global culture, commerce and creativity.”
Bob Wilt is the CEO of Saudi Aramco, and Bandar al Khorayef Minister for Industry and Mineral Resources.
Carney is accompanied by a Canadian delegation that includes the Finance Minister Francois Philippe Champagne, Defence minister David McGuinty and Liberal MP Sameer Zubiberi.
Steiner stated that he is aware of Champagne’s efforts to resolve issues relating to double taxation and protection for foreign investments between the two nations.
The reduction of friction is just as crucial as investors’ interest in coming to different markets. “If it’s difficult for them, they will go somewhere else.”
Carney’s week-long journey in the Middle East is coming to an end. Carney arrived in Jeddah late on Wednesday evening, fresh off a NATO Summit held in Ankara.

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PM office canada

Canada won’t join U.S. at Gordie Howe bridge opening after tariff threat

Note from the Editor: An earlier headline in this article incorrectly stated that Canada would not hold an event marking the opening of Gordie Howe’s International Bridge. The Canadian event will still take place, but will not include any representatives of the United States as was originally intended.
Ottawa announced Tuesday that Canadian officials would no longer celebrate the opening of Gordie Howe’s International Bridge at the ribbon-cutting event this week with American counterparts after U.S. president Donald Trump had threatened to impose steep tariffs against Canada.
In an emailed message, a spokesperson from the office of Infrastructure Minister Gregor Robertson said that it was inappropriate to hold a celebration between the United States and Canada.
According to a new revenue sharing agreement that the U.S. and Canada have reached after Trump’s delay of over a week, the bridge will open for traffic on 27 July.
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This Friday, a joint Canada-U.S. Ribbon Cutting Ceremony is scheduled to take place ahead of the official opening.
After the deal was announced, Canadians and Americans have tried to present the opening of this bridge as an example of their nations’ enduring relationship despite the economic and diplomatic tensions between them and the Trump Administration.
The U.S. Ambassador to Canada Pete Hoekstra told Global News in an interview last week that the deal appears to be a close one between the two countries. In an interview with Global News last week, Ambassador to Canada Pete Hoekstra said that there was no distance between the U.S. and Canadian governments.
We’ll hold a celebration on the 24th of July. “I expect the people that made the agreement to (agree), that it would open on July 27th.”
Robertson’s Office suggested that the Canadians will celebrate the ceremony separately from the Americans on Friday, since Trump signed an executive order on Monday to impose tariffs of 50 percent on certain Canadian products within 30 days.
Robertson, along with other officials from the federal government, will attend the Canada only ceremony.
The Canadian government said that the Gordie Howe Bridge is a crucial infrastructure project. It is the result of years’ worth of work, and it will become a major economic engine in the area, increasing options for commuters and tourists as well as businesses and families.
We remain dedicated to opening this bridge by July 27 and celebrating the milestone with Canadians on 24 July.
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In the statement, it was noted that the agreements reached with the U.S. regarding the bridge “remain unchanged.”
The agreement between Ottawa and Michigan to build the bridge over a 15-year period is distinct from that signed by Ottawa in 2012, when the Harper government was in power. Ottawa agreed to pay the entire $6.4 billion construction cost while Michigan would share ownership.
According to the plan that was approved by Trump in his first term, both sides would share toll revenue only after Canada’s debt for construction, including interest was paid.
Global News reported that the new deal between Carney and Trump would see toll revenue split between Canada and “regional” “economic development funds” in the first 15-year period, with the U.S. having a voice on toll increases greater than 10%.
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The new agreement has been confusing for the past week because neither country has released its terms.
Last week, Prime Minister Mark Carney informed reporters that “net revenue” for the 15-year period would only be divided. Any toll revenues after this will be only shared once Canada has paid off its debt.
Carney explained that “these net revenues include operational costs such as toll booth staffing, maintenance and snow removal.”
Carney stated that his government anticipates modest net revenue after the initial costs. We expect that they will be negative, as the traffic increases. “So negative and modest for the first couple of years.”
He added that “the underlying agreement we have with Michigan is the same and there will be no toll sharing until the entire debt has been repaid.”
Two senior Canadian sources confirmed to Global News that the U.S. would receive the money collected in the first couple of years. They noted the majority of the revenues will come from the tolls.
According to both sources, bridge costs are expected to exceed revenues for the first six-year period. This means that neither party would receive money in that time frame. However, this timeline may change depending on how much traffic is on the bridge.
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Liberals claim that once the side agreement of 15 years is complete, original terms and conditions under the 2012 deal will be reinstated.
Conservatives are calling for full disclosure of the terms and conditions in this new agreement. They may use parliamentary instruments to make them public.
With files by Global’s Mackenzie Gray, and the Canadian Press

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PM office canada

New British prime minister gains early defense win with Canada fighter jet tie-up

FARNBOROUGH (England) — Britain’s newly formed government scored an early victory in the defense sector on Tuesday when Canada signed up for the GCAP delayed fighter jet program. This is part of a larger push among European allies who want to lessen their dependence on U.S. military technology and weapons.
This move is timed to coincide with Farnborough Airshow – the premier aerospace and defence industry gathering. Wars in Ukraine and Middle East are driving the demand for everything from drones, interceptor missiles, and AI-enabled software.
Airshows coincide with the first day of office for new PM Andy Burnham. He appointed John Healey as Finance Minister, who is in favor of increasing the UK’s defense budget. He gave the Defense brief to Wes Streeting, the Health Minister.
As markets bet that the government would make Britain war ready, they boosted British aerospace and defense stocks.
Tufan Erginbilgic, CEO of Rolls-Royce told journalists at the show in reference to Healey: “I look forward to working together with him as his new role.” He understands Rolls-Royce, our agenda, and the contribution we make to this country.
First announcement by the new government with partners abroad was the Global Combat Air Programme (the stealth fighter jointly developed between Britain, Italy, and Japan). Canada became a member as an observer. This was the first time that the original founding members were joined by a country other than the UK.
BAE Systems and Boeing also agreed to a joint venture to develop a fast jet pilot training system based on Boeing’s T-7, to replace the Hawk fleet.
Signal for the Defense Sector
Healey spent several months lobbying former Prime Minister Blair to set out a plan to allocate 3% of the GDP to defense in 2030 instead of the 2.68 % that was budgeted by the government.
Charles Woodburn, CEO of BAE Systems, said that John Healey, as Defense Secretary, championed British businesses, recognising the contributions made by the defence sector to national security and growth.
Canada has become an important partner in European defense as the country looks to divert its spending from the United States, and establish closer relationships on the continent.
The observer status will not involve any financial obligations, but Canada may join more officially in the future and share the development costs of a billion dollars, as well as possibly ordering jets.
The show saw a half-record 1,600 exhibitor companies, which is a departure from commercial aviation’s usual dominance and reflects the fact that conflicts have changed spending priorities.

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PM office canada

Carney says Trump agreed to ‘intensify’ trade talks after 50% tariff threat

Mark Carney, the Prime Minister of Canada says that he has spoken with Donald Trump about the tariffs announced on Monday. The two leaders agreed to intensify trade talks in response to the new threat from the southern neighbours.
I spoke to President Trump this morning. Carney stated that the two sides had agreed to intensify the negotiations over the next few weeks. “The team and I look forward to this,” Carney added.
Prime Minister said intensification would happen “right now”, but did not give any details on how the government will react.
We will consider all possible options for how to respond in the event that [the new tariffs] are implemented. “We will discuss this with the premiers”, he added.
In the Oval Office, Trump stated that he loved Canada and the people of Canada, but Canada has “very, extremely tough” policies towards the U.S. over the years.
Trump said, “It’s fair to say that they are dependent on us for their survival.” Trump stated that they cannot survive without us. They’ve actually been tough for the past 50 years.
The Conservative leader Pierre Poilievre released a statement in which he described the new tariffs and their implementation as being “unjustified” and “wrong”. He also offered to collaborate with the federal authorities.
All parties need to work together in order to stop the import tariffs. “Conservatives are here for Canada and to fight with them,” Poilievre stated.
Can Canada maintain its trade policies including provincial prohibitions of U.S. alcohol even after tariffs are implemented? Click here to join the discussion or below if you are on the app.
Trump announced on Monday night that in the next 30 days, his administration would impose tariffs at 50% for a variety of Canadian exports.
New tariffs have been imposed as a result of what an official in the administration described as Canada’s retaliation to U.S. Trade Policy and discrimination towards U.S. dairy, motor vehicles and alcohol.
In three presidential declarations, the White House explained why these trade irritations were considered to be discriminatory for the U.S.
Alcohol is a irritant
After Trump had imposed tariffs earlier on steel, aluminum and softwood lumber, as well as the auto industry, the alcohol boycotts were implemented.
The U.S. Census Bureau reports that the ban on alcohol has resulted in a drop of $360 million US in wine exports from Canada to the United States in 2025 compared to the year before, and a drop of $150 million US in spirits exports.
The proclamation about alcohol stated that “the Canadian provinces, territories and the federal government have not instituted similar restrictions or bans on other countries since March 2025. This has benefited other countries to the detriment of the United States.”
Carney stated that the provinces took the decision to pull U.S. alcohol from Canadian shelves in response to the U.S. tariffs imposed on their key industries, and threats made to Canada’s sovereignty in general.
The provinces will decide to make the change, individually. I believe that this decision should be made as part of a broader agreement. “We’ll do our best to achieve that,” said he.
B.C. Premier David Eby said Tuesday that he does not expect the alcohol-banning provinces to relent anytime soon. David Eby, Premier of British Columbia said on Tuesday there is “no chance” that alcohol from the United States will be put back in stores in his province.
Capitulating is the only way to empower a bully. “I don’t believe we should empower Mr. Trump who is clearly a bully,” said he.
A general agreement or no overall agreement
Carney stated that his government was pursuing a global trade agreement with Trump’s administration, rather than settle trade disputes in the CUSMA case, while still leaving sectors such as steel, aluminium, lumber, and the automobile industry with tariffs.
Carney stated that “in our opinion and in the view [of Mexican President Claudia Sheinbaum] as well as the Mexican authorities there are solutions to evolve CUSMA, so that these sectors are global competitive and benefit workers”
Carney stated in a Monday night statement that the U.S. had been the first country to implement tariffs against CUSMA, and Canada, “as is its right,” has simply matched these measures.
In response to the tariffs and threats against Canadian sovereignty, he said “provinces from coast-to-coast have united” as a result.
U.S. trade representative Jamieson Greer said to CNBC that Carney’s statement was “firm but moderate” and negotiations are continuing.
Greer stated, “I will continue to talk to my Canadian counterparts.” They haven’t stopped talking. We’ll keep talking to them.

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PM office canada

Trump’s new 50 percent Canada tariffs: What products are affected and why?

Donald Trump, the president of the United States, has placed new tariffs at 50 percent on several Canadian products. This threatens to strain relations with Canada’s second largest trading partner.
According to the White House, tariffs announced Monday will take effect within 30 days. They cover many items including cement, wine and hockey sticks.
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List 1 of 4Trump imposes US tariffs based on discrimination, up to 50% for some Canadian products
List 2 of 4. Why has Trump not renewed the USMCA and what does that mean?
List 3 of 4US to impose new 25% tariffs on certain Brazilian imports
List 4 of 4. ‘Piracy: Will Trump find Takers for His 20 Percent Hormuz Toll?
End of List
Ottawa’s latest tariffs on US dairy, alcohol and automobile products were attributed to “discriminatory” treatment by the White House.
Trump threatened Canada last week with higher tariffs due to a smoke wave from wildfires that engulfed the US.
This is a list of products that are affected by the recall.
Which goods are affected by the ban?
Trump invoked Sections 338 and 339 of the Tariff Act from 1930. This was the first time the law had been used in over a hundred years. This law allows the president to impose punitive duties of up to 50% against any trading partner who is deemed to be discriminating against US products.
Import taxes are being slapped on a wide range of goods, from cement to ice hockey equipment. New tariffs will also be applied to other products such as dairy, swimming pools and furniture. They would also cover seeds, clothing, wigs, clothes, and fishing rods.
US Trade Representative said the tariffs will apply to almost $20bn in imports from Canada. This is about 5.2 per cent of the $382bn dollars worth of goods the US imported from Canada by 2025.
Trump also blamed his tariffs on the US-Canada trade deficit. According to Washington, the US trade deficit with Canada will be $46.4bn by 2025. Canada’s oil & gas is the primary source.
White House: The new duties do not affect oil, natural gas, essential minerals, potash and other goods that are already subject to sectoral tariffs.
What have the US stated?
According to the Trump administration, new tariffs will apply whether or not the product is included in the United States-Mexico-Canada Agreement. This free trade agreement includes Canada, Mexico and the US.
Washington has already imposed tariffs of 15-50 percent on Canadian steel, aluminum, and copper. It also imposes a tax of 25 percent on non-US car parts.
The White House announced the new tariffs and said that Canada, along with China, was the sole country to have retaliated against Trump’s Tariffs in the past year.
In a recent statement, US Trade Representative Jamieson Greer said that Canada has removed US alcohol from Canadian shelves and given dairy products imported from the European Union better access to Canadian markets. It has also placed a limit on US vehicles exported to Canada by companies who reshore to the United States.
He added that the tariff announcement is intended to “hold Canada responsible for its retaliation, discrimination and sabotage”.
In its fact sheet, the White House claimed that the United States under the leadership of President Trump did not renew [USMCA] as it is currently written, since the agreement was not beneficial enough for the United States.
What has Canada done?
Mark Carney, the Canadian prime minister said that Trump’s trade tariffs were “the latest of a series unilateral US actions”, in violation of the free-trade agreement trilateral.
In a statement posted to his X page, he said: “We are ready to intensify those discussions in the coming weeks.” “We are ready to intensify these discussions over the next few weeks.”
This trade war has increased costs, especially for US families. Canada is ready to work intensively with the US in order to resolve outstanding issues to our mutual benefit,” said Mr. He added.
Carney tried to negotiate last year with Trump, but talks ended abruptly in October when Ottawa broadcast an anti-tariff ad in the US.

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PM office canada

Carney slammed over lack of Gordie Howe bridge opening deal details

The opposition MPs have expressed increasing frustration at the lack of information about the deal that will open the long-awaited border crossing between Canada and the U.S., while several of them are calling for the release of a copy by the federal government.
The Conservatives as well as the NDP wrote to the Liberal Government to demand more information on the agreement to open the $6,4 billion Gordie-Howe International Bridge that Canada fully paid for.
Heather McPherson of the NDP, who is the critic of international trade for the party, said Monday that Canadians want full transparency about the cost of the project as well as the text of the Canada-U.S. Agreement. We find it unacceptable that the government refuses to provide answers about this project.
A Monday request for comments was not responded to by the Prime Minister’s Office.
According to the original agreement, signed over a decade earlier, Canada would recoup costs by using toll revenue and split it with Michigan.
The Canadian government had announced earlier this month that it has struck a new deal with the U.S. for the opening of the bridge between Windsor and Detroit, scheduled to take place on the 27th July. In a statement, the government said that the agreement includes provisions for toll management as well as an investment of profits in a fund dedicated to economic development. The statement provided very few details.
At the time, a number of federal office spokespeople declined to provide more information.
The week after, Mark Carney gave reporters information that seemed contradictory about the agreement. This was a deal reached following weeks of uncertainty that had followed the delay in the June bridge opening.
Carney, along with Gregor Robertson (the housing and infrastructure ministry), initially stated that the new pact would include a plan for dividing “net profits” of tolls equally between Canada and an economic development fund, which Carney said was to be used on the U.S.-side of the border.
Carney’s statement that debt repayments would take priority over profits in the 15-year period is not clear.
On Thursday, however, he stated that the “net revenue” would include operational costs such as toll booth maintenance, staffing, and maintenance. The previous agreement for crossings remains intact, he said.
The Trump administration, however, has stated that the division of Canada’s net revenue will occur before the payment of Canada’s national debt — seemingly in contradiction to the Prime Minister’s previous comments.
Howard Lutnick, Commerce Secretary Howard Lutnick’s social media post stated that “our share comes before interest and principal.” This is the Art of the Deal at work.
Bloomberg News reports that the text of this agreement doesn’t include any provisions related to Canada’s repayment of debt.
Carney received a letter from the Conservative leader Pierre Poilievre on Friday outlining the different explanations for the agreement.
Poilievre wrote: “In answering yesterday’s questions, you contradicted yourself about the amount of money you gave away.” You first said that it was not a split of tolls for the bridge. You then continued by saying, “It’s an agreement to split net revenue for 15 years.”
What is the truth? “Are the Americans receiving a share or not?”
Poilievre questioned Carney’s description of the time and method by which Canada’s debt will be paid.
In a letter sent to Robertson, and Dominic LeBlanc the Minister responsible for Canada-U.S. Trade, the NDP criticized that the government refused to provide details on how net profits would be calculated. This was especially concerning given the reports indicating Canada and Windsor may have less to gain from the project than their U.S. counterparts.
McPherson added, “Canadians learn more about this deal from U.S. government sources than their own.” Canadians are entitled to the full details of this agreement, as they paid for it.

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