Former finance minister says Canada has a stake in the US-China discussions, particularly when it comes to export controls over rare earths
Canada’s new government will invest more in mining at a time when the country’s economy and manufacturing sector are facing “challenges” related to China’s curbs on rare earth exports, Bill Morneau, former Canadian finance minister, told the Post.
“One of the challenges for Canada is that we will need to increase our own mining,” Morneau, who was in office between 2015 and 2020 under then-prime minister Justin Trudeau, said in Shanghai on Friday. “The initiative by new [Prime Minister] Mark Carney is to advance the ability to get big projects done. Certainly, mining is one of the critical ones,” Morneau explained.
The former official acknowledged how Canada had taken some flak – collateral damage – amid US-China trade war escalations. Canadian firms, he said, have been affected by China’s export restrictions on critical minerals that are still reverberating through the global industrial chain.
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