03:59 PM EST, 01/23/2025 (MT Newswires) -- With US tariffs looming and growing protectionism south of the border, National Bank of Canada's ( NTIOF ) Chief Executive Officer Laurent Ferreira is calling on the country to respond with its own nationalist reforms, including a 'Buy Canada Act', Bloomberg is reporting Thursday.

Canada also needs to lighten "the tax and regulatory burden" on businesses, Ferreira said during a lunchtime speech at the Chamber of Commerce of Metropolitan Montreal Thursday, according to a translated version of his remarks. The leader of the country's sixth-largest bank said the new "combative administration" in the US and its pro-business agenda has sparked a renewed conversation around Canadian productivity.

"If there's one thing that President Trump has done for Canada -- we might even thank him for it one day - it's that he has reignited discussions between governments and the business world," Ferreira said.

Bloomberg noted US President Donald Trump signaled this week he's considering imposing tariffs of as high as 25% on Canada and Mexico by Feb. 1. It also noted the Canadian government is preparing a number of responses of its own, but most scenarios would still come at a heavy cost for Canada and lead to a potentially deep and lengthy recession.

That prospect has spurred debate among Canadian business leaders, economists and policymakers about what the country can do to improve its economic outlook independent of its biggest trading partner, Bloomberg said.

Canada should focus on its strengths in response, Ferreira said, citing the energy sector, natural resources, agriculture and manufacturing. And buy-Canadian rules should apply to government procurement, research and development and artificial-intelligence investments for defense and national security, he added.

To attract more capital investment, Canada needs a more predictable business environment than it's had for the past 10 years, Ferreira said in response to a question at the event in Montreal.

(Market Chatter news is derived from conversations with market professionals globally, and/or from other media sources. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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