Readout: Minister of Finance Meets With United States Secretary of the Treasury
March 1, 2017 – Washington, D.C. – Department of Finance Canada
The Honourable Bill Morneau, Minister of Finance, met today with Steven Mnuchin, Secretary of the Treasury of the United States of America, on a range of issues regarding the economic ties of our two countries.
Minister Morneau and Secretary Mnuchin spoke to the importance of preserving and strengthening the balanced and mutually beneficial trade relationship between the United States and Canada, and reinforced its importance for raising the standard of living of middle class families on both sides of the border.
In recognition of their common responsibility to create jobs and foster economic growth, Minister Morneau emphasized how the secure and efficient flow of goods, services, capital and people across our border is vital to the livelihoods of millions of Americans and Canadians. The Minister brought up the potential implications of U.S. tax reform and regulatory changes on Canadian businesses, and looks forward to getting more details on the Administration's priorities.
The Minister and Secretary both highlighted the longstanding and unique economic partnership Canada and United States enjoy and committed to maintaining strong cooperation to further develop this important relationship.
The two look forward to discussing issues of common interest at the upcoming meeting of G20 finance ministers and central bank governors in Baden-Baden, Germany.
- Canadians and Americans benefit from a trade and investment relationship valued at CAN$1.7 trillion (US$1.3 trillion).
- Canada is the top trading partner for most U.S. states.
- Likewise, the U.S. is Canada's main export market.
- In 2015, the U.S. stock of direct investment in Canada was CAN$451 billion (US$353 billion), nearly half of all foreign direct investment in Canada. Canadian direct investment into the United States was CAN$344 billion (US$269 billion), making Canada one of the main sources of foreign direct investment in the United States.
- Canada and the U.S. share the longest, secure border in the world. 400,000 people and CAN$2.3 billion (almost US$2 billion) in goods and services cross the border every day.
- Canada is currently the leading and most secure supplier of energy products to the U.S., including crude oil, refined petroleum, natural gas, electricity and uranium.