# Canada got re-traded on the Gordie Howe bridge

By [Brandon Donnelly](https://brandondonnelly.com) · 2026-07-17

---

I'm trying to understand the new deal that was negotiated for the opening of the Gordie Howe International Bridge (scheduled for July 27, 2026) between Windsor and Detroit. The [headlines](https://www.cbc.ca/news/canada/windsor/carney-presser-gord-bridge-9.7272695https://www.cbc.ca/news/canada/windsor/carney-presser-gord-bridge-9.7272695) read: "Tolls won't be split with the US until the $6.4 billion of debt is repaid. Net revenues will be split with the US for 15 years."

As I understand it, the nuance is that the gross toll revenue won't be split, but the net proceeds — after expenses like debt service, I hope — will be, for 15 years. This is different from the original deal, which had Canada keeping 100% of everything until it had paid off its $6.4 billion debt balance. Importantly, Canada also had complete authority over toll governance.

This is objectively a worse deal for Canada and we were bullied into it at the last minute with a classic geopolitical re-trade. But how much worse is it?

The public messaging is that net profits will likely be close to zero, and maybe even negative, in the early years of operations. So it's not inconceivable that no payments will be made to the US's local economic development fund until later years. If this is the case, the impact on Canada's net present value might be negligible. I haven't seen any of the math, but it's possible this was a small price to pay to get the bridge open.

From what I can glean, the most damaging aspects of this re-trade are the following: first, Canada lost sole authority to set its own tolls and govern the bridge — a bridge that we paid for in full! And second, it demonstrates that, at the present time, the US cannot be trusted to honour its agreements.

Re-trading, of course, happens all the time in politics and business, and the real estate industry is no different. But I would say that there's a difference between a bad-faith re-trade and a legitimate risk adjustment. Sometimes new information is discovered or the market changes in the middle of a deal, and one party needs a deal adjustment to be able to proceed.

At the same time, there are also bad-faith re-trades where one party simply wants to apply any leverage it may have, be a bully, and capitalize on deal fatigue. "Ugh, let's just get this open!" This is a short-sighted practice because it immediately destroys trust and damages your reputation. It may leave you better off on this one deal, but it makes the next ones that much harder.

* * *

_Cover photo by_ [_Brad Switzer_](https://unsplash.com/@mintchap?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText)

---

*Originally published on [Brandon Donnelly](https://brandondonnelly.com/canada-got-re-traded-on-the-gordie-howe-bridge)*