Harper Says Canada Needs to Rely Less on the U.S.

Former prime minister Stephen Harper closed Prime Minister Mark Carney's first Canada Investment Summit in Toronto on Sept. 15. He backed the plan to rely less on the United States.

The summit was organised by the Carney government to boost the economy and held at the Four Seasons Hotel. It aimed to match about 100 global investors with Canadian chief executives, companies and local officials to facilitate investments or partnerships, according to Reuters. Carney set a five-year target of $1-trillion in new investment. He later said the meeting produced nearly $500-billion in new commitments, according to The Globe and Mail.

Harper told the audience it was now clear the U.S. views economic integration with Canada as incompatible with Canadian sovereignty. He called that "sad." He said: "It leaves no choice but for Canada to pursue diminished reliance on the U.S."

He said this shift will bring significant costs. Canadians are able and prepared to accept them, he said.

On energy, Harper praised Carney for course-correcting Canada's bid to become an energy superpower. In 2015, Harper said, Canada was poised to become an energy superpower and today it is not because of deliberate policy choices over the next decade.

Harper also backed Carney's decision to walk away from U.S. trade talks, according to CBC. During the summit, Carney announced a corporate tax 'mega deduction,' according to The Globe and Mail.

Carney said Harper was invited because he holds influence with business leaders and investors and because he is a patriot. The link goes back years. Harper appointed Carney as Bank of Canada governor, and the two speak regularly. Harper is board chair for the Alberta Investment Management Corp.

The broader context here is about trust with money. When a former prime minister supports the current prime minister's plan, big investors feel the rules will not change after an election. That helps when Ottawa asks for projects that take many years to build. It is like a landlord offering a long lease.

Looking at what this means for federalism, energy superpower talk will be watched closely in producing provinces and in Quebec. Pledges made in Toronto still need regulatory approvals, Indigenous consultation and provincial cooperation. The test is not the summit total. It is conversion.

In my view, the choice of closer matters as much as the numbers. Governments often announce big totals. Experienced investors wait until final investment decision, when a company commits the money to build. Support from both sides does not change that caution, but it can shorten talks in boardrooms.