From ABC News · ABC News · · 1m 50s
Carney's $120 trillion pitch to the world
With Trump squeezing Canada out of the US market, Mark Carney is asking global money managers to bet on Canada itself.
In brief
With Trump squeezing Canada out of the US market, Mark Carney is asking global money managers to bet on Canada itself. Canada's old selling point was easy access to the US market. Carney is trying to replace it with a new one: predictability. Originally reported by ABC News.
Money moves north
Trump wants factories and capital to relocate into the United States. Carney is betting he can pull billions the other way, into Canada.
300 CEOs in Yorkville
About 300 CEOs and senior executives gather at the Four Seasons in Toronto this week for Carney's Canada Investment Summit. Together their firms manage more than $120 trillion.
What Canada is selling
Carney is pitching energy and critical minerals, an educated workforce, and trade deals that reach roughly 1.5 billion consumers.
“Canada is about so much more than being next to the United States. We have what the world wants.”
He knows this room
Carney ran the central banks of Canada and England, spent 13 years at Goldman Sachs, and chaired the boards of Bloomberg L.P. and Brookfield Asset Management.
The private meetings
On Monday he meets the CEOs of Macquarie Group, whose asset arm is the world's largest infrastructure investor, and Singapore's state-owned Temasek Holdings.
Nothing closes this week
A Canadian official called it the largest gathering of investment decision-makers ever held in Canada, but said real results should take 12 to 18 months.
The trade war backdrop
Talks collapsed Aug. 21. Trump hit about $20 billion in Canadian goods with 50% tariffs, Canada retaliated, and Washington then banned some imports and shut Canada out of long-term federal contracts.
Trust as the product
Carney's counter-pitch is stability. He told business leaders Canada's greatest strength was something that cannot be found on any balance sheet: trust.
“That combination is pretty rare in the world. And it's an attractive combination.”
Next stop, Europe
BlackRock's Larry Fink and Blackstone's Jon Gray headline a public session, Stephen Harper closes the summit, then Carney addresses the European Parliament.
“The conversation about Canada is changing.”
The headline
Canada's old selling point was easy access to the US market. Carney is trying to replace it with a new one: predictability.
