Carney works a $120 trillion room in Toronto for deals Ottawa expects in 12 to 18 months

Divide the more than $120 trillion those firms manage by the roughly 300 executives who turned up, and each seat in the room averages about $400 billion of assets ^[18]. Canada is not asking for much of that pool. A Canadian official, who spoke on condition of anonymity because they were not authorized to discuss the matter publicly, called it the largest gathering of investment decision-makers ever assembled in Canada ^[21].

Carney spent Monday in separate meetings with the CEOs of Macquarie Group, whose asset-management arm is the world's largest infrastructure investment manager, and Singapore state-owned Temasek Holdings ^[11]. The pitch he made to them rests on energy and critical minerals, a highly educated workforce and trade agreements that give Canada-based businesses access to roughly 1.5 billion consumers ^[10]. "We have what the world wants," Carney said at a news conference in Banff, Alberta, last week ^[9][8].

On why the guest list filled up, he said: "If they wanted to go to the United States, they would go to the United States" ^[3]. He knows the buyers as well as anyone selling to them, having run the central banks of Canada and England, spent 13 years at Goldman Sachs and later chaired the boards of Bloomberg L.P. and Brookfield Asset Management ^[16].

The target underneath all of this is Carney's goal of doubling Canadian exports to overseas markets over the next decade ^[6]. Dominic Barton, the new chair of Invest in Canada, told the Associated Press that roughly three-quarters of Canadian exports still go south and that the U.S. will remain a critical market ^[15]. Hold the American leg flat and double the other quarter: 75 plus 50 is 125, so overseas sales rise from a quarter of the total to about 40%, and the United States still buys 60% ^[20]. A decade of success on Ottawa's own target leaves the U.S. the majority customer.

The pressure did not stop at tariffs. Washington also announced bans on some Canadian imports and moved to shut Canadian products out of large, long-term U.S. government contracts ^[12]. Asked whether Canada could withstand a prolonged period without a deal, Finance Minister Francois-Philippe Champagne told the AP: "We have the wherewithal to support our industries, to support our workers for as long as it takes, with whatever it takes" ^[13].

Two things would undercut the hedge case being sold in Yorkville. A settlement with Washington restores the tariff-free access that was long one of Canada's biggest attractions to foreign investors ^[17], and an allocator who bought Canada as insurance against U.S. dependence would then be holding a position priced on the old logic. The other is simpler: commitments arrive from the firms in the room, and the merits argument is vindicated by cheque size instead of attendance. Barton said concerns that the trade war would keep investors away have not materialized. "I haven't seen an iota of that," he said ^[14].