No room for complacency in trade relations between Canada and the United States, says BMO CEO

TORONTO — BMO chief says there’s no room for complacency in Canada-U.S. trade relations as the bank co-hosts a conference focused on key issues facing both country.

Darryl White says that while both sides recognize the importance of the bilateral relationship, it still requires investment and cannot be taken for granted.

His comments come as BMO and Eurasia Group co-host the U.S.-Canada Summit today in Toronto, which in addition to trade will cover areas such as security, technology and energy.

Participants include various business leaders, U.S. governors from Illinois, Minnesota and Alaska, as well as state and federal politicians.

The conference takes place in the run-up to the US presidential election in the fall, with Canadian elections expected less than a year later and the North American free trade agreement to be finalized. renewed in 2026.

While that may seem like a long time, White says it’s practically tomorrow in his world.

He says companies are certainly trying to understand the potential implications and develop scenarios, but not much will be known until after the election.

“It’s a pretty interesting time for the U.S.-Canada relationship in the context of these potential moving pieces,” White said in an interview.

This is the second year the bank has co-hosted the summit. Last year was more focused on recession-related concerns that have yet to materialize, while this year is more focused on the election.

The 2023 event also saw a greater emphasis on climate change on the agenda, including climate scientist Katharine Hayhoe and former Climate Change Minister Catherine McKenna as speakers, while this year’s panel on the energy transition includes executives from Enbridge and Dow Inc.

White said climate issues will be just as pervasive this year, even if they aren’t on the agenda as much.

He said that, overall, he hopes the summit will encourage conversations that invest in the crucial partnership between the two countries.

“As in our lives, in business and in bilateral trade, the best relationships require constant attention.”

This report by The Canadian Press was first published June 11, 2024.

Companies in this story: (TSX: BMO)

Ian Bickis, The Canadian Press