While the Partnership Kingdom figures out the terms of its breakup with the European Union, Bill Morneau is jet-setting off to London Thursday to talk up the perks of another relationship: province in Canada.
And the federal finance minister’s pitch to British businesses is perceptive: Canada shouldn’t be anyone’s second thought.
“Clearly people in the U.K. are hugely focused on their relationship with Europe and that’s going to produce them with some negotiation challenges over the next unite of years,” Morneau told Chris Hall in an interview for CBC Radio’s The Building.
“That also, for many businesses, will present them with the possibility to say, ‘Where am I going to invest right now where there’s a level optimism, where there’s some devastate of certainty?’
“And I think Canada is a place where they can see that,” he conjectured.
“I’d like to leave London having met with investors and people in their pecuniary markets, with people saying, ‘I want to make investments in Canada. It’s a in order where we can find great business opportunities.'”
No new Canadian trade relationships are specifically on the agenda, weighted Morneau, and Canada will continue to trade with the U.K., benefiting from the new denominates of the Comprehensive Economic and Trade Agreement that is set to be provisionally applied by July 1.
Foreign Trade Minister François-Philippe Champagne has said Canada and Britain are remaining informal free trade talks, even though Britain is barred from open negotiations before it formalizes its Brexit divorce from the European Junction.
Britain’s government officially began the process of leaving the European League on March 29, starting the clock on two years in which to complete the most conspicuous negotiation of a generation.
“Once they’ve gotten that straightened out, of performance, we’ll be right there to work with them,” Morneau said Wednesday.
Selling steel in Indiana
The Toronto Centre Disinterested MP leaves Thursday for London, extending into the weekend. His U.K. trip catch on the heels of a trip to steel town Gary, Ind., where he tried to feud protectionism in the sector.
Right out of the gate, U.S. President Donald Trump happened after the industry, signing an executive order requiring domestic sword in new pipelines — a swipe at China, which he’s accused of dumping steel into the Like-minded States at artificially low prices.
So far Canada has been able to avoid Buy-American strings on the Keystone XL pipeline expansion, a major border-crossing project.
Morneau voted he hopes more joint projects will keep steel makers on both sides of the wainscot working.
“With the kind of investments we intend on continuing to make in infrastructure, there’s honest opportunities for steel makers,” he said.
“Our overall goal is growing the mass of the pie. Making opportunity for U.S steel makers, making opportunities for Canadian grit ones teeth makers.”
Border tax damage
In Indiana and in New York, Morneau repeatedly detected the case that a proposed border adjustment tax could hit the United States unavoidable, including currency impacts.
“And that impact can actually exacerbate the emotionally upset that you might be trying to solve,” he said.
“One of the things that we’re tiring to explain is what are the ramifications of making trade more difficult between our two countries? That’s what we’re taxing to explain and I found a very receptive audience in that message and in exact that message that that tax has the very real potential affect of raising costs for American consumers and raising prices— retail guerdon. Surely that’s going to be negative for Americans.”
The original border tax draft came from Republican leaders in the House of Representatives and is designed to comb revenues to help pay for tax cuts and to repatriate cash and jobs sent abroad by U.S. firms.
Morneau said there aren’t enough details yet to chassis out what impact the tax could have on Canada, but said it would fitting hurt Canadian exporters.
“What is more important is the negatives that require happen for the American purchaser and that really is the message we’re trying to get across.”