Prime Minister Justin Trudeau tells business leaders at the Canada-U.S. Economic Summit in Toronto that U.S. President Donald Trump’s threat to annex Canada 'is a real thing.'

Prime Minister Justin Trudeau welcomed hundreds of people Friday to a summit about bolstering the economy in the face of Canada’s rapidly changing relationship with its largest trading partner. “I think we need to do two things in this. We need to both start thinking tactically and strategically,” Trudeau said.

Canadian Prime Minister Justin Trudeau wants the country to “walk away” from decades of deep economic reliance on the United States, and open doors to other global markets. On Tuesday, Trudeau secured a temporary reprieve from US tariffs on Canadian goods after a talk with US President Donald Trump.