Canada's Economic Leaders Unite to Chart a New Course

Canadian business and labor leaders will convene in Toronto to discuss strategies for economic diversification amid U.S. tariff threats. The meeting, aimed at reducing reliance on U.S. trade, will focus on enhancing Canadian prosperity through internal trade improvements and export market diversification.


Devdiscourse News Desk | Updated: 05-02-2025 21:48 IST | Created: 05-02-2025 21:48 IST
Canada's Economic Leaders Unite to Chart a New Course
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Canadian business and labor leaders are set to gather in Toronto this Friday for discussions on trade diversification and economic fortification in response to looming U.S. tariff threats, announced Prime Minister Justin Trudeau on Wednesday.

U.S. President Donald Trump recently postponed tariffs on Canadian exports by 30 days, seeking concessions on border and crime enforcement in return. This move highlights the urgent need for Canada to reduce its heavy reliance on the U.S., which accounts for 75% of Canadian goods and services exports.

Trudeau emphasized that the one-day summit aims to align stakeholders in trade, business, public policy, and organized labor to forge a long-term prosperity agenda. Participants will investigate ways to expand Canada's economy domestically, diversify its export markets, and rejuvenate productivity. Concerns persist over internal trade barriers and lengthy permitting processes within Canada's provinces, which hinder the development of major projects like mines and oil pipelines.

(With inputs from agencies.)

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