New tariffs hit Canada as Carney courts EU partnership. Live updates here.

Prime Minister Mark Carney is preparing for a whirlwind trip to Europe today. Meanwhile, Day 2 of the prime minister’s investment summit courts deep-pocketed financiers, despite a destructive trade war with the U.S.

Carney said on Sunday Canada is negotiating a “unique” partnership with the European Union. He’s set to address the bloc’s parliament later this week. He’ll also meet with newly minted U.K. Prime Minister Andy Burnham.

Carney to speak at investment summit

Carney is set to deliver remarks and hold a press conference at his government’s investment summit in Toronto today.

The prime minister is also scheduled to participate in a discussion with Deborah Orida, the CEO of PSP Investments which is one of Canada’s largest pension investors.

Hundreds of executives and global asset managers are in Toronto this week for Canada’s first-ever national investment summit and Carney has set an ambitious goal of attracting $1 trillion in new investment over the next five years.

Day one of the investment summit saw billion-dollar announcements and changes to Canada’s tax policy.

The federal government said investors putting $1 billion or more into Canada’s economy will get priority access to a program that offers binding decisions from the Canada Revenue Agency, while Saskatchewan Premier Scott Moe announced an expansion of Bell’s AI data centre project in Saskatchewan.

The event has been criticized by some Indigenous leaders, environmental groups and union leaders who say they worry about the future of public services, pipelines and arms manufacturing.

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The Canadian Press. Read the full story here.

Carney has plans to meet with Burnham in Liverpool on Wednesday night, where the men could take in some Carabao Cup action while discussing priorities for their relationship.

Known for working the phones with his European contacts – thanks to his tenure as governor of the Bank of England – Carney’s office has indicated the prime minister will also try to meet with additional European leaders as opportunities arise during the two days overseas.

One area where additional facetime could come in handy would be seeing if any progress can be made on pushing the final 10 European countries holding out to finally ratify the decade-old Canada-EU Comprehensive Economic and Trade Agreement, known as CETA.

This example has recently been pointed to by those who caution Carney moving too many of Canada’s economic eggs into the European basket, given the glacial pace over movement and often disparate views of some EU member states.

Rachel Aiello, CTV News national correspondent. Read the full story here.

The latest U.S. tariffs on a small number of Canadian goods went into effect Tuesday as Washington presses on in its trade war with Canada.

The White House said last week it would impose 50 per cent tariffs on goods representing about 0.6 per cent of U.S. imports from Canada, such as outboard motorboats and metal and paper products.

American officials also said 50 per cent tariffs on goods representing about 0.5 per cent of U.S. imports from Canada, such as cement, sugar, toilet paper and fishing rods, would be removed.

The latest tariffs come amid an ever-evolving trade war between the two countries after Canada walked away from formal negotiations last month. Carney said the Americans made last-minute demands that would undermine Canada’s sovereignty.

U.S. President Donald Trump imposed tariffs on nearly $28 billion in Canadian goods in August, while Ottawa followed suit with retaliatory tariffs on American products.

Trump has also ordered bans of imports of Canadian-made liquor and a handful of dairy products that will go into place Sept. 29.

‘I welcome the president’s comments’: Carney

Amid comments from Trump over the weekend that his administration could reach a trade deal with Canada “fairly soon,” Carney says he still has hope.

In an interview with Bloomberg on Monday, when asked for an update on negotiations with the U.S., Carney reiterated what he has said several times in recent weeks: that he believes a “mutually advantageous” deal is still possible.

“One that respects our sovereignty, respects obviously the U.S. sovereignty, respects our cultural institutions, and that is a possibility,” Carney said. “We’re ready to sit down and negotiate that and move it forward.”

“So, I welcome the president’s comments,” he added.

Spencer Van Dyk, Ottawa News Bureau producer

New airport legislation expected: sources

The federal Liberal caucus hastily called a meeting with its MPs on Monday to discuss the future of Canadian airports, according to multiple sources.

Those sources tell CTV News that only MPs and none of their staff were allowed on the call.

The federal government has been actively exploring the privatization and alternative ownership models of its major airports, which currently run under a not-for-profit model where local airport authorities manage federally owned land via long-term leases.

In both the 2025 federal budget and this spring’s economic statement, the federal government signalled its intent to pursue alternative ownership models.

One MP, who was on the call, tells CTV News the call focused on the selling of Canada’s four big airports – Toronto-Pearson, Montreal-Trudeau, Calgary and Vancouver – and opening them to foreign investment.

Ottawa News Bureau staff. Read the full story here.