Partners in Prosperity: Minister Morneau Meets Secretary Mnuchin to Talk Middle Class Jobs
March 1, 2017 – Washington, D.C. – Department of Finance Canada
Canada and the United States have built one of the most productive, interconnected and enduring economic relationships in the world—one that has led to shared prosperity and a better quality of life for millions of middle class families in both countries.
Finance Minister Bill Morneau concluded a successful two-day visit to the United States today with his first face-to-face meeting with his new counterpart, U.S. Treasury Secretary Steven Mnuchin, in Washington, D.C.
The two had a very productive discussion about ways to help middle class families on both sides of the border, by building on what is already the most successful economic partnership in the world. Strengthening these ties will lead to thriving economies on both sides of the border, where Canadian and American workers and families have greater opportunities to succeed and prosper.
The Minister highlighted that nearly 9 million American jobs depend on trade and investment with Canada, and spoke of the balanced and tightly knit economic, trade and financial ties between the two countries. He underscored that it is in the interest of both countries to keep working together to achieve their shared goal of creating well-paying jobs and improving living standards.
Yesterday, Minister Morneau began his two-day visit to the United States at New York's Columbia University where he spoke of the strong Canada-U.S. relationship, and of the crucial ties that exist between our two countries, as well as our provinces, states, cities and people. The Minister also met with New York-based investors and financial-market participants.
"Canada and the United States enjoy a partnership that is essential to our shared prosperity, and which has long served as a model for the rest of the world. I had a very productive meeting with Secretary Mnuchin today, and I look forward to working with him in the months and years ahead to create more opportunities for the middle class on both sides of the Canada-U.S. border."
- Bill Morneau, Minister of Finance
- Canada and the United States share a longstanding relationship, bonded through people-to-people ties and a strong trading and investment relationship that includes:
- the largest, two-way, balanced trading relationship in the world, with over CAN$850 billion (nearly US$700 billion) in goods and services traded in 2015;
- most U.S. states counting Canada as their top trading partner;
- a highly integrated manufacturing sector, with products crossing the border several times before final assembly and sale in both countries;
- balanced capital flows, with the U.S. stock of direct investment in Canada totalling CAN$451 billion (US$353 billion) in 2015, nearly half of all foreign direct investment in Canada, and Canadian direct investment into the United States totalling CAN$344 billion (US$269 billion), making Canada one of the main sources of foreign direct investment in the United States.
- Readout: Minister of Finance Meets With United States Secretary of the Treasury
- News Release: Minister Morneau Takes Canada's Plan for Middle Class Growth to New York and Washington
- Speech: Canada and the U.S.: Partners in Prosperity
Media may contact:
Office of the Minister of Finance
Department of Finance Canada