Canadian Prime Minister Mark Carney defended his decision to give the US a share of the profit from a new bridge between Ontario and Michigan, saying there will be little to no proceeds to split at first and arguing the project will help the economy in both countries.
(Bloomberg) — Canadian Prime Minister Mark Carney defended his decision to give the US a share of the profit from a new bridge between Ontario and Michigan, saying there will be little to no proceeds to split at first and arguing the project will help the economy in both countries. The prime minister, speaking at a news conference in southwestern Ontario, was asked about a Bloomberg News report that the US’s share of toll profits from the Gordie Howe International Bridge will be calculated before interest is paid on the debt Canada incurred to build it.
Carney had suggested in a TV interview last weekend the US portion of the proceeds would kick in only after payments on that debt. But he revised his position on Thursday, stating: “Those net revenues are after operational costs — so it’s manning the toll booths, it’s maintenance, it’s snow removal, a series of other operational costs.” The prime minister’s side deal with the Trump administration on the bridge has been a
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source of controversy in Canada because the country’s taxpayers paid the entire C$6.4 billion ($4.6 billion) construction cost. The original agreement allowed Canada to collect all the operating profit from the bridge until its costs were repaid. Now that will be split for the first 15 years after US Commerce Secretary Howard Lutnick intervened to stop the bridge from opening in June. Carney said Thursday the bridge’s profits will be small for a while. “In fact, we expect them to be negative as traffic ramps up. So negative to modest in the first few years,” he said. “All of the portions that go to the US government will be reinvested in economic development, regional economic development in the area — the US side of the area, obviously — which is pro-cyclical. It reinforces more traffic, more traffic, higher revenues, more investment.” The new deal will direct 50% of the operating...
Read original source- Published
- Jul 16, 2026
- Updated
- Jul 16, 2026
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- Financial Post
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- Canada
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- 2 min
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