BMO CEO Darryl White’s optimism stands in contrast to a new survey of his Canadian CEO peers published on Wednesday by KPMG. · Jeff Lagerquist
Bank of Montreal (BMO.TO)(BMO) chief executive officer Darryl White sees U.S. President Donald Trump’s “America first” agenda as ultimately beneficial to Canada’s economy.
“It might be America first, but it’s not necessarily America alone,” he told a business audience on Wednesday at the 2025 Toronto Global Forum. “If you’re Canada second in an America first world, and then there is a whole bunch of people behind you . . . this notion of advantage [for] North America starts to become real.”
White’s optimism on Canada’s economy stands in contrast to a new survey of his Canadian CEO peers published on Wednesday by KPMG. The firm says it surveyed 750 Canadian business leaders between Aug. 15 and Sept. 3 for its 2025 CEO Outlook report.
KPMG found 74 per cent of participants expressed confidence in Canada’s economy, down from 83 per cent last year. Sixty-three per cent say they are confident in the global economy, down from 69 per cent in 2024.
Researchers say this “broad-based caution” is understandable, given the tense state of trade relations between Canada and its largest partner, the United States.
“The combination of punitive tariffs and those seemingly intractable geopolitical conflicts is embattling not just people, but also the flow of goods,” authors led by KPMG Canada CEO and senior partner Benjie Thomas wrote.
In a major blow to Canada’s automotive sector, Stellantis (STLA) announced plans on Tuesday to move production of the Jeep Compass to Illinois from Brampton, Ont. as part of a US$13 billion boost to production in the U.S. The Brampton plant had about 3,000 workers prior to its shutdown in 2024 in preparation for the new assembly line.
On Tuesday, Prime Minister Mark Carney said the move was “a direct consequence of current U.S. tariffs.” Currently, most Canadian goods exported to the U.S. are shielded from tariffs by the Canada-United States-Mexico (CUSMA) Agreement. The trilateral pact is due for renegotiation next year.
“It’s very high stakes, but I think we can do it,” White said. “Despite the headlines, despite the drama, there is a lot of well-intended and probably well-executed work going on to take advantage of those inherent advantages, where we can help each other as two countries.”
Meanwhile, KPMG found more top executives in Canada are optimistic about their company’s growth prospects in 2025. Seventy-nine per cent of respondents to the survey say they are more confident this year compared to last, up from 76 per cent in 2024.
White says business has been brisk for BMO, including south of the border, where the bank invested $16.3 billion to grow its U.S. footprint through its purchase of Bank of the West, the bank’s largest-ever acquisition. He says 40 per cent of BMO’s assets are currently allocated to the U.S. market.
“In Canada, let’s face it, you’re attached to the greatest consumer economy in the world, and you will be forever,” White said.
“I know it feels all stress, and elbows up, and everything right now,” he added. “We think that there’s a North America advantage at play here relative to the rest of the world.”
According to KPMG, supply chain resilience was the top concern among Canadian CEOs (26 per cent), followed by regulatory pressures (25 per cent), and cybersecurity (24 per cent).
When it comes to company priorities, those surveyed ranked artificial intelligence first, followed by ESG, and attracting and retaining top talent.
Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on X @jefflagerquist.
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