Morneau says U.S. trade actions ‘offside,’ but cooler heads will prevail

Federal Finance Minister Bill Morneau says he can’t “sugar coat” the “offside” actions of the U.S. government and the resulting uncertainty for investors in G7 countries, but he expects cooler heads will prevail.

Morneau says its a “challenging time” but the government hopes to provide certainty as it works to improve Canada’s relationship with the U.S.

The minister was speaking at a news conference alongside institutional investors from the G7 including the Ontario Teachers’ Pension Plan and Quebec’s largest pension fund to announce several initiatives, including boosting opportunities for women in finance.

The initiatives aimed at boosting G7 countries’ economic future come amid the trade turmoil after U.S. President Donald Trump’s decision to impose steel and aluminum tariffs on Canada, Mexico and Europe.

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Ontario Teachers’ CEO Ron Mock says he does not expect the tariff issues to have a substantial impact in the short term, but the “trajectory” gives him pause.

Michael Sabia, the CEO of Caisse de Depot du Placement du Quebec, says he is confident that cooler heads will prevail and the world will not descend into a trade war.