With the U.S. playing hard to get, Canada is flirting with some new suitors across the Atlantic.
What happened: Prime Minister Mark Carney announced that the federal government will back new infrastructure projects at the ports in Montréal and Churchill, Manitoba — two critical trade arteries to reach European markets.
- Carney also announced a new critical minerals partnership with Germany, which was already Canada’s top trading partner in Europe last year.
Catch-up: Churchill, while underdeveloped, is one of Canada’s only ports with direct access to the Arctic, making it an ideal gateway to many European countries. Meanwhile, an expansion of the Port of Montréal — which is already a hub for European trade — would also boost export capacity.
- Carney has pitched “nation-building” infrastructure projects like these as the antidote to an increasingly hostile trade relationship with the U.S.
Why it matters: European countries are trying to wean themselves off Russian energy and Chinese critical minerals. That shift has opened a lucrative door for Canada to be a friendly alternative in both sectors, as long as it has the infrastructure to meet demand.
What’s next: Energy Minister Tim Hodgson says Canadians should expect to start seeing “rolling” announcements like these in early fall. Because few things spark those cozy autumn vibes quite like pumpkin spice lattes, red leaves, and major infrastructure projects.—LA