Davos: RBC CEO David McKay on US Relations, Global Trade

Summary

RBC CEO David McKay speaks to Bloomberg Television at the 2026 World Economic Forum in Davos, describing a more intense, transactional Davos centered on grand bargains and co-investment. He defends the core value of USMCA to both Canada and the US, outlines Canada's push to diversify trade toward Europe, Asia and the Middle East, and highlights the Middle East as a great place to invest with commitments on both sides. McKay also details RBC's continued US expansion and says he is very positive about the bank's deal momentum for the year.

• Davos 2026 is described as more intense and transactional, with record attendance and heavy co-investment dialogue.
• McKay argues the core of USMCA benefits both the US and Canada and expects a changed but continued agreement.
• Canada is committed to higher defense spending, including Arctic and dual-use investment.
• Canada is resetting economic ties with China, including resumed canola purchases and Chinese EV imports.
• McKay says the Middle East is a great place to invest, citing Abu Dhabi, Dubai and Riyadh commitments.
• RBC continues to expand in the US and reports strong deal momentum entering the year.