Statement on Prime Minister Mark Carney's meeting with President Donald Trump

"Today's meeting between Prime Minister Carney and President Trump represents more than diplomatic protocol — it's the opening chapter in what must be a comprehensive reboot of Canada's economic strategy.  

Since taking office, Prime Minister Carney has promised to 'embark on the biggest transformation of our economy since the end of the Second World War.' After decades of mismatch, this ambitious vision aligns with the Board’s longstanding advocacy focus — a shift from decades of prioritizing consumption to a renewed focus on building-up production.  

Canada's economic challenges run deeper than the current tariff dispute, which painfully exposed what the Board has long warned about: Canada's slumping economic competitiveness.  

This profound upheaval has created a wake-up call, but it’s one that catches us at a point of acute vulnerability. Our economy has been falling behind for years. We allowed ourselves to become vulnerable, lacking the economic armour needed to withstand global volatility. For too long we've watched nearly $500 billion in Canadian business investment flow southward while our productivity has stagnated. We’ve powered up the American economy while powering ours down.  

The Toronto region, which represents 20% of Canada's economy, has felt these impacts acutely through infrastructure bottlenecks, regulatory hurdles, and declining business confidence. 

We need to supercharge business success, because our consumption of high-quality services demands a high-production economy to pay for them. We need to build an economy that can support our high quality of life. The Prime Minister's commitment to hold the line on operating spending while growing capital investment will be the true test of his government's resolve to transform Canada from an economic laggard to a leader.  

While a deal with the U.S. is a critical first objective for the Prime Minister, it is only one part of a broader economic strategy that will propel Canada’s economy forward. To be successful, the Board believes our strategy must be systemic, not piecemeal. This means: 

• Developing a concrete strategy to diversify beyond the U.S. market while concurrently seeking a new deal 
• Creating a competitive tax environment that keeps capital in Canada 
• Modernizing regulatory frameworks to accelerate approvals and reduce compliance burdens 
• Eliminating interprovincial trade barriers to finally create a true single market within Canada after 157 years 
• Prioritizing infrastructure that enables the efficient movement of people, goods, and resources

We look forward to the Throne Speech and upcoming budget for more detail on the steps the government will take to refocus the economy. The Toronto Region Board of Trade stands ready to work together with the federal government to ensure the Canadian economy can withstand external pressures while generating prosperity for generations to come.”