Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeNewsEconomyCarney defends deal with Trump to split bridge toll profitsThe text of the pact between Canada and the Trump administration on the bridge has not been made publicAuthor of the article:Last updated 1 hour ago You can save this article by registering for free here. Or sign-in if you have an account.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. Photo by Emily Elconin/BloombergCanadian Prime Minister Mark Carney defended his decision to give the United States 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.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorThe prime minister, speaking at a news conference in southwestern Ontario, was asked about a Bloomberg News report that the U.S.’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 U.S. 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.”SUBSCRIBER EXCLUSIVE: FP West: Energy Insider brings you behind the oilpatch’s closed doors with exclusive insights from insiders every Wednesday morning.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of FP West: Energy Insider will soon be in your inbox.We encountered an issue signing you up. Please try againThe prime minister’s side deal with the Trump administration on the bridge has been a source of controversy in Canada because the country’s taxpayers paid the entire $6.4 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 U.S. Commerce Secretary Howard Lutnick intervened to stop the bridge from opening in June. Mark Carney, Canada’s prime minister, in June. Photo by Contributed/BloombergCarney 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 U.S. 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 per cent of the operating profit to a U.S.-run regional development fund for 15 years. After that, Carney said Canada will again receive the profits until the bridge is paid off. Once that happens, the cash will be split with the state of Michigan.“The underlying agreement that we have with Michigan remains the same. And so no sharing of tolls until all the debt is repaid,” he said.The text of the pact between Canada and the Trump administration on the bridge has not been made public.—With assistance from Josh Wingrove. Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.