PM Trudeau to Host Canada-U.S. Economic Summit in Toronto Amid U.S. Tariff Uncertainty

In a bid to fortify Canada’s economic stability and global trade standing, Prime Minister Justin Trudeau has announced a high-level Canada-U.S. Economic Summit set to take place in Toronto this Friday. The summit will convene key figures from business, trade, public policy, and organized labor, with a focus on fostering investment, eliminating internal trade barriers, and diversifying economic opportunities.

The announcement comes at a crucial moment, as Canada finds itself navigating shifting trade dynamics with the United States. While the immediate threat of steep 25% tariffs on Canadian goods has been temporarily postponed, uncertainty looms over long-term economic relations with its largest trading partner.

“This is an important opportunity to build a long-term prosperity agenda for Canada,” Trudeau stated in a press release on Wednesday. “One that is resilient, that breaks down barriers between provinces and territories, and that is diversified in global trade.”

The summit will provide a platform to discuss strategies aimed at bolstering Canada’s economy, making trade within the country more seamless, expanding into new export markets, and reviving productivity—an area where Canada has struggled compared to other G7 nations.

U.S. President Donald Trump’s decision earlier this week to delay the imposition of tariffs for at least 30 days followed a critical phone call with Trudeau on Monday. The call, which took place just hours before the tariffs were set to take effect, likely prevented a significant economic blow to Canadian industries. However, Trump hinted that he remains intent on negotiating what he described as a “final economic deal” with Canada in the near future.

One of the key sticking points in recent U.S.-Canada trade relations has been border security, particularly concerns over the flow of illegal fentanyl and migration into the United States. Trump has consistently cited these issues as a justification for potential trade penalties against Canada.

In response, Trudeau has reaffirmed Canada’s commitment to border security, highlighting the country’s $1.3-billion border enforcement plan, which includes additional helicopters, personnel, and surveillance technology to reinforce the nearly 9,000-kilometre border with the U.S.

As part of a broader strategy to address American concerns and stave off trade penalties, the federal government is expected to appoint a “fentanyl czar”, who will coordinate efforts with law enforcement, judicial bodies, and international partners. The move aligns with a set of commitments Trudeau made to Trump during their call, which include:

• Establishing a $200-million intelligence directive to combat organized crime and fentanyl trafficking.

• Officially listing Mexican cartels as terrorist organizations under Canadian law.

• Strengthening intelligence-sharing mechanisms to disrupt cross-border drug trafficking.

With the temporary reprieve from tariffs, the Trudeau government sees this as an opportunity to reinforce economic resilience, strengthen internal trade, and expand global partnerships.