Yesterday was the second of a three-day meeting of Canada’s Premiers, held in Muskoka, Ontario. The Premiers have come together to discuss US tariffs, boosting economic activity in Canada and removing internal trade barriers. Some progress appears to have been made as Ontario has signed agreements with BC and the three territories. The Federal government introduced Bill C-5 earlier this year, which became law on June 26, to help cut some restrictions on interprovincial trade.

• Ontario has reached agreements with BC and the three territories to help boost trade and economic activity. The agreements also hope to improve labour mobility between the provinces and territories. Ontario Premier Doug Ford said the agreements could have a $200 billion impact on Canada’s economy.
• Several provinces are looking to construct new pipelines to ship western oil to southern Ontario and a new deep-sea port. Alberta, Saskatchewan, and Ontario have signed a memorandum to use Ontario steel to construct new pipelines.
• The memorandum is also calling on more rail lines to be constructed to help ship critical minerals from Ontario to Western Canada.
• Prime Minister Mark Carney joined the meetings yesterday to lend his support for increased internal trade and to update the Premiers on the progress of Canada-US trade negotiations.
• Canada is facing significant tariffs on many key products it produces and exports to the US, so the Premiers have been working to find ways to remove internal trade barriers to help support economic activity.

Canadian provinces are facing a difficult economic environment in response to tensions with our largest trade partner, so the Premiers are hoping the new provincial agreements may help boost economic activity. The Canadian government is also continuing to try to negotiate a trade agreement with the US before new tariffs come into effect on August 1.

If you would like to discuss this economic and market update or have questions about your finances and investments, please feel free to contact me anytime.