Finance Minister Bill Morneau Welcomes United States Secretary of the Treasury Steven Mnuchin on First Visit to Canada
June 9, 2017 – Ottawa, Ontario – Department of Finance Canada
Canada and the United States have one of the strongest partnerships between any two nations—one that is built on common geography, history and culture, and mutual respect. The Canada-U.S. relationship is a model for the world: it is balanced and fair, and it supports growth, innovation, and well-paying jobs for the middle class in both countries.
Today, Finance Minister Bill Morneau welcomed his counterpart, U.S. Treasury Secretary Steven Mnuchin, on his first visit to Canada as Secretary. Building on previous face-to-face meetings in Washington and abroad, the two had a very productive discussion about shared priorities that will create jobs and deepen the economic relationship between our two countries.
Earlier today, Secretary Mnuchin joined Minister Morneau at a roundtable discussion with Canadian Cabinet Ministers and other parliamentarians, where they discussed ways to enhance collaboration and discussion on shared priorities, including the upcoming negotiations on the North American Free Trade Agreement, the ongoing negotiations on softwood lumber, maintaining the security of our shared border, enhancing our trade corridors, investing in infrastructure, the importance of services trade, strengthening anti-money laundering and anti-terrorist financing regimes, and addressing issues related to cyber security. Canadian Ministers also reiterated Canada’s commitment to taking action on climate change and promoting clean economic growth, and discussed highly integrated industries, including steel, which bring jobs and benefits to both countries.
Later, Secretary Mnuchin joined Minister Morneau at a roundtable hosted by the Business Council of Canada on the strong Canada-U.S. economic relationship, including the important goal of empowering women to build a more diverse and thriving economy.
Minister Morneau also held a bilateral discussion with Secretary Mnuchin on a range of economic issues of mutual interest to both countries, including the importance of fair, free and open trade. Millions of people on both sides of the border depend on the strength of the Canada-United States partnership. Minister Morneau and Secretary Mnuchin reaffirmed their commitment to open dialogue and collaboration to achieve their shared objective of strengthening the middle class in both Canada and the United States.
“Canada’s plan for long-term prosperity and a strong middle class puts partnerships like the one we enjoy with the United States front and centre. Together, we benefit from relatively seamless, integrated economies that support millions of Canadian and American jobs. I want to thank Secretary Mnuchin for his visit, and for his commitment to keeping the Canada-U.S. relationship strong.”
- Bill Morneau, Minister of Finance
- Canada and the United States share a longstanding relationship, through people-to-people ties and a strong trading and investment relationship:
- Nearly 9 million American jobs are dependent on trade and investment with Canada.
- Canada and the U.S. have the largest, two-way, balanced trading relationship in the world, reaching nearly $882 billion in 2016.
- Every day, more than $2.4 billion worth of goods and services and 400,000 people cross the Canada-U.S. border.
- Canada is the number one market for most U.S. states, and is among the top three customers for 48 of them.
- Canada and the U.S. benefit from a highly integrated manufacturing sector, with products crossing the border several times before final assembly and sale in both countries.
- Capital flows are balanced, with the U.S. stock of direct investment totalling half of all foreign direct investment (FDI) in Canada and Canadian direct investment one of the main sources of FDI into the United States. In 2016, Canadian stock investment in the U.S. was over $474 billion, accounting for 45% of Canadian investment abroad.
Roundtable Discussion: List of Attendees
- U.S. Treasury Secretary Steven Mnuchin
- Elizabeth Moore Aubin, Chargé d’Affaires of the U.S. Embassy to Canada
- Minister of Finance Bill Morneau
- Minister of Public Safety and Emergency Preparedness Ralph Goodale
- Minister of Innovation, Science and Economic Development Navdeep Bains
- Minister of Small Business and Tourism Bardish Chagger
- Minister of Foreign Affairs Chrystia Freeland
- Minister of Transport Marc Garneau
- Parliamentary Secretary to the Minister of Foreign Affairs (Canada-U.S. Relations) Andrew Leslie
- Parliamentary Secretary to the Minister of Finance Ginette Petitpas Taylor
- Ambassador to the U.S. David MacNaughton
- Member of Parliament Wayne Easter
- Readout: United States Secretary of the Treasury Meets With Canadian Ministers and Parliamentarians
- Budget Plan
- Budget Speech
- Fact Sheets
- Budget 2017 in 3 minutes
Media may contact:
Office of the Minister of Finance
Department of Finance Canada