Good morning, everyone. Good morning.

As Donald Trump was officially inaugurated yesterday as President of the United States, my Cabinet and I have gathered here with a singular focus; upholding our long-standing friendship with the United States and protecting Canada against potential tariffs. As I've stated on numerous occasions, the Canada-U.S. trade relationship is one of the most successful in the world.

The relationship between Canada and the United States is the result of decades of collaboration. It has created opportunity, wealth and prosperity for both of our countries. During Mr. Trump’s first term, we negotiated a new trade agreement that has helped us to strengthen our relationship and to create even more good jobs.

We heard the President's comments yesterday and the directive he has issued to examine the trade relationship between Canada and the United States while exploring the possibility of tariffs, but we remain confident in the facts. Canadian energy powers American manufacturing, businesses and homes. Of America's top five trading partners, Canada is the only one with whom the United States runs a trade surplus in manufacturing, and Canada buys more goods made by Americans than China, Japan and Germany combined.

On top of that, President Trump said that he wants to usher in a golden age for the United States, that will require more steel and aluminum, more critical minerals, more reliable and affordable energy, more of everything to run the U.S. economy full steam ahead. Canada has all those resources, and we stand at the ready to work with the United States to create a booming and secure North American economy. The alternative for them would be more resources from Russia, China or Venezuela. Canada is a safe, secure and reliable partner in an uncertain world.

We have a win-win trade relationship with the United States. So we will continue to use all the tools at our disposal to demonstrate that.

President Trump also repeated his concerns about the border. While less than 1% of fentanyl and illegal immigrants that enter the United States come from Canada, our government has already acted to address the concerns raised by the President about border security with an over $1 billion comprehensive border plan. We are already working collaboratively to keep our citizens safe on both sides of the border.

Of course, if the President does choose to proceed with tariffs on Canada, Canada will respond, and everything is on the table. Working in unison with Team Canada… as Team Canada, with business leaders, organized labour, civil society, Indigenous leaders and premiers from coast to coast to coast, we are prepared for every possible scenario. In fact, just last night, I spoke to Premier Ford in his capacity as Chair of the Council of the Federation, and he reiterated his unwavering commitment on behalf of Canadian premiers to working all together.

This is an important and challenging moment for Canada, and for Canadians, and we know there will be many such moments. Through all of it, I want to be clear that we have Canadians’ backs.

Our government will always be there to defend Canada, our workers, our businesses, our economy and our sovereignty.

We will protect our national interest while we protect the most successful economic and security relationship the world has ever seen. I and my Cabinet will continue to work with leaders across the country who've stepped up to unite in defense of Canadian workers, Canadian businesses, Canadian sovereignty, and that is precisely what we will continue to focus on today during this Cabinet retreat.

Thank you. Thank you for being here.