Canada ready for 'mutually advantageous' trade deal with US: Carney

Canadian Prime Minister Mark Carney said Monday that Ottawa and Washington can reach a "mutually advantageous" trade agreement that respects the sovereignty of both nations, welcoming recent comments by US President Donald Trump that suggested a comprehensive deal could be finalized in the near future. Speaking to Bloomberg ahead of Canada's first national investment summit in Toronto, Carney emphasized that any agreement must protect Canada's cultural institutions while addressing bilateral trade concerns. "We're ready to sit down and negotiate that and move it forward," he said, adding that Ottawa knows its "bottom lines" and "red lines" regarding sovereignty, culture, and its ability to sign trade agreements with other countries.

Carney stressed that Canada is not concerned about which side should make the first move in the negotiations, noting that there was no issue of pride involved in resolving the trade dispute. "There's not a pride thing in it," he said, emphasizing that Canadian officials remain focused on securing terms that serve national interests while maintaining professional diplomatic channels. He also underscored Ottawa's commitment to expanding its global trade footprint, stating, "We are on a path to double our trade access to 3 billion consumers around the world," and emphasized that Canada would not slow that process while engaging with Washington.

US ties and tensions

Asked whether recent tensions and mocking comments by some Trump administration officials could affect the atmosphere surrounding the talks, Carney said he did not expect them to damage the bilateral relationship. "Short answer, no. These are all professionals," he said, highlighting the longstanding historical ties between the two nations. Carney acknowledged that Canada and the US "sometimes go through periods where there are tensions in that relationship," but expressed confidence that continued professional engagement would yield results.

Carney reiterated his readiness to engage with Washington while maintaining Ottawa's core priorities, suggesting that recent developments may have given US officials a clearer understanding of Canada's position. "We're ready to sit down. There's no pride in this. We're to do what's right for the Canadian people," he said. The prime minister noted that provided both sides continue their current approach, they will eventually reach an agreement that serves both populations without compromising Canadian sovereignty.

EU strategic partnership

On Canada's relationship with the European Union, Carney clarified that Ottawa is seeking a deeper strategic partnership rather than full EU membership. Citing Canada's participation in the EU's €150 billion Security Action for Europe (SAFE) defense procurement arrangement — under which Canada is treated as European for its purposes — he outlined potential expansion into defense, space, artificial intelligence, sovereign computing, critical minerals, and energy cooperation. The partnership could also include enhanced labor mobility, expanded educational opportunities, and greater research cooperation between Canadian and European institutions.

Carney characterized the deepening ties as the beginning of a high-ambition process that would complement rather than replace Canada's focus on diversifying trade relationships. "It's the start of a process, but it's a start of a high-ambition process," he said regarding the EU partnership. Canada hosted its first national investment summit in Toronto on Monday, bringing together government officials and business leaders to discuss the country's economic strategy amid shifting global trade dynamics.