Media365
The US and Canada will open the delayed Gordie Howe International Bridge connecting Detroit with Windsor, Ontario, on July 27, after the Canadian govt agreed to give the US a share of net toll profits, said officials familiar with the matter. The deal ends a tense standoff between the two trading partners.Canada paid for construction of the $4.5 billion bridge over the Detroit river after years of opposition from the owners of the existing Ambassador Bridge, who made a major donation recently to a political group aligned with President Donald Trump.Under the deal, Canada will share the equivalent of half of operating profits, after operational expenses, and direct proceeds to a US-run regional development fund, the officials said. The underlying text of the original deal – which was between Canada and the State of Michigan only – is not being changed, the officials said.Under the original terms, Canada was set to collect the bridge tolls until its construction costs were recouped, after which the revenues would be split evenly.(BLOOMBERG)
