US and Canada will spend $180 million each to fund the ambitious 2020 and 2025 National Investment Plan, a joint venture between the governments of Canada and the US.
This is the first time the US and Canadian governments have jointly announced such a massive commitment, which will bring billions of dollars to each country.
The plan will help address the nation’s biggest problems, such as climate change, job losses and income inequality.
It is also aimed at addressing some of the more pressing issues of inequality in the US, including poverty, high rates of childhood mortality, and the economic hardship experienced by people in low-income communities.
“We’re going to have to do more than just increase taxes on the rich,” said White House economic advisor Gary Cohn in a speech to the Canadian National Council on Wednesday.
“It’s going to take action on behalf of everyone in the country.”
US President Donald Trump also made a pitch to Canadians for the plan, promising to invest billions in the United States.
He is expected to unveil the plan at the G20 Summit in Hamburg later this week.
The Trump administration’s push for a new US investment strategy has been met with skepticism, with some analysts warning that it could backfire on Trump and the American economy.
Trump’s plan to fund infrastructure is a direct attack on Canada’s infrastructure, which is largely built by private firms, and that Trump has long criticised.
“I’m not a fan of the Trump Administration,” said Chris Riedel, the chief economist for the Fraser Institute.
“The fact that the US is getting more involved in the infrastructure investment, even if it’s not in the right direction, I think, is a mistake for Canada.
I think the Trump administration is making a big mistake.”
US-Canada trade agreement is the most complex in world, according to the World Bank, but experts say it will be a boon for both countries.
Canada has long been the most important trading partner for the US in the world, and its access to American markets is one of the biggest benefits of its trade deals.
The US has already invested $4.3 trillion in Canada’s economy since Donald Trump became president.
But it is the US-Canadian investment partnership, which was established in 1997, that will help Canada’s struggling economy through the 2020s.
The pact will also help boost US manufacturing, which Canada’s trade deficit with the US could hurt.
Canada is also the largest US investor in the Canadian dollar, which the Trump White House is seeking to reduce.
However, the pact will likely be subject to the approval of both the US Congress and the White House.
In Canada, Trump’s administration is expected make it more difficult for Canadian companies to access US markets, as well as restrict their ability to sell their goods and services to US consumers.
“There are going to be a lot of things that will be put on the table,” said Richard Murphy, the chair of the University of Calgary’s Institute for Trade and Development Policy.
“What the administration is going to want to do is try to take away from the Canadian companies some of that freedom that the Americans have to sell to Canadian consumers, to sell goods to Canadian companies.”
US officials are also expected to push for the release of more information about the National Investment Bank, a private-sector bank that is supposed to oversee the investments made by the US government.
The bank has been criticized for its role in the failed housing and financial crisis, and it has been a source of controversy in Washington.
Trump has repeatedly accused the bank of being too large and failing to provide sufficient oversight of its investments.
Canadian Finance Minister Bill Morneau has called on Trump to release more details about the bank and for Morneau to release a plan to cut red tape for Canadian businesses.
“This is a key tool that will make our economy stronger,” Morneau told reporters after the talks with Cohn.
“That will make it easier for Canadians to access the US market.”
Canada has been trying to revive its manufacturing sector after a decade of recession.
It was one of Trump’s top campaign promises, and he is expected announce new tax and trade policies that will support the sector.
Trump is expected in Hamburg to announce a $1 trillion investment plan for the United Nations and other international institutions, which include the World Trade Organization and the World Health Organization.
The White House has also promised to invest $200 billion in the Arctic and Atlantic oceans, as part of a plan that will bring US-built submarines to the region.
Trump will also make a speech on the US’s role in combating climate change at the summit, a campaign promise that has yet to materialize.