BMO CEO Darryl White’s optimism stands in contrast to a new survey of his Canadian CEO peers published on Wednesday by KPMG. \u00b7 Jeff Lagerquist <\/p>\n
Bank of Montreal (BMO.TO<\/a>)(BMO<\/a>) chief executive officer Darryl White sees U.S. President Donald Trump\u2019s “America first” agenda as ultimately beneficial to Canada\u2019s economy.<\/p>\n \u201cIt might be America first, but it\u2019s not necessarily America alone,\u201d he told a business audience on Wednesday at the 2025 Toronto Global Forum. \u201cIf you\u2019re 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.\u201d<\/p>\n White\u2019s optimism on Canada\u2019s 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.<\/p>\n KPMG found 74 per cent of participants expressed confidence in Canada\u2019s 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.<\/p>\n Researchers say this \u201cbroad-based caution\u201d is understandable, given the tense state of trade relations between Canada and its largest partner, the United States.<\/p>\n \u201cThe combination of punitive tariffs and those seemingly intractable geopolitical conflicts is embattling not just people, but also the flow of goods,\u201d authors led by KPMG Canada CEO and senior partner Benjie Thomas wrote.<\/p>\n In a major blow to Canada\u2019s automotive sector, Stellantis (STLA<\/a>) announced plans on Tuesday to move production of the Jeep Compass to Illinois from Brampton, Ont.<\/a> 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.<\/p>\n On Tuesday, Prime Minister Mark Carney said the move was “a direct consequence of current U.S. tariffs<\/a>.” 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.<\/p>\n \u201cIt\u2019s very high stakes, but I think we can do it,\u201d 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.\u201d<\/p>\n Meanwhile, KPMG found more top executives in Canada are optimistic about their company\u2019s 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.<\/p>\n 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\u2019s assets are currently allocated to the U.S. market.<\/p>\n \u201cIn Canada, let\u2019s face it, you\u2019re attached to the greatest consumer economy in the world, and you will be forever,\u201d White said.<\/p>\n \u201cI know it feels all stress, and elbows up, and everything right now,\u201d he added. \u201cWe think that there\u2019s a North America advantage at play here relative to the rest of the world.\u201d<\/p>\n 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).<\/p>\n When it comes to company priorities, those surveyed ranked artificial intelligence first, followed by ESG, and attracting and retaining top talent.<\/p>\n Jeff Lagerquist is a senior reporter at Yahoo Finance Canada. Follow him on X @jefflagerquist<\/a>.<\/p>\n Download the Yahoo Finance app, available for Apple<\/a> and Android<\/a>.<\/p>\n