Prime Minister Trudeau will host a Canada-U.S. summit amid threat of Trump tariffs

Prime Minister Justin Trudeau will host a Canada-U.S. economic summit in Toronto on Friday, days after President Donald Trump said he would hold off on his threatened tariffs against Canada for a month.

The Prime Minister's Office says the event will assemble Canadian trade and business leaders, along with organized labour, to discuss strategies to grow the economy, break down internal trade barriers and diversify exports. It will also feature members of the Council on Canada-U.S. Relations, which is advising Trudeau on bilateral relations and Trump's tariff threat. Trump signed an executive order on Saturday to levy 25 per cent tariffs against Canada, with a lower 10 per cent tariff on Canadian energy.

Canada had prepared a retaliatory package, but then a Monday call between Trump and Trudeau swiftly ended the drama — at least for the moment. Experts have raised concerns that the trade uncertainty will make Canada a less desirable place to invest than the U.S.