Canada has announced a 4.7 billion Canadian dollar manufacturing investment in Thunder Bay, Ontario, involving the production of 313 rail cars to modernize the country's rail system. The investment is equivalent to 3.4 billion U.S. dollars.
Prime Minister Mark Carney described the project as historic and said it would strengthen domestic production in Canada. Carney said the rail cars would be built by Canadian workers using Canadian-made materials, including steel, and stated that rail cars previously manufactured in the United States would now be produced in Canada.
Canada's share of trade with the United States
Canada exports approximately 400 billion Canadian dollars' worth of goods to the United States each year. This figure accounts for roughly 65% to 75% of the country's total exports.
Trade talks between Canada and the United States broke down last week after Carney recalled Canadian negotiators from Washington. Carney said the United States had made demands that would violate Canada's sovereignty and sought U.S. approval for trade agreements Canada may sign with other countries in the future.
Investment summit to be held in September
Canada plans to hold an investment summit on September 14-15 focusing on energy, critical minerals, defense and advanced technology. Approximately 250 senior executives representing global companies with combined assets of around $120 trillion are expected to attend the summit.
During a question-and-answer session, Carney also responded to U.S. Commerce Secretary Howard Lutnick's remarks that he had disrupted trade talks to gain a political advantage. The Canadian prime minister said he had spoken directly with the U.S. president and did not deal with unelected officials such as Lutnick, whom he said did not understand Canadian politics.
Putin invited to G20 summit
Carney was also asked about the invitation extended to Russian President Vladimir Putin to attend the upcoming G20 summit. The Canadian prime minister said the country hosting the summit had the right to invite whoever it wanted.
Carney said Canada's message to Putin would be simple, calling on the Russian president to withdraw from Ukraine.
