Ottawa, Canada - Canadian Prime Minister Mark Carney vowed not to chase a "small deal" just to get relief from US-imposed tariffs as he announced a new sovereign wealth fund.

Carney said on Monday that if the US came to the negotiating table, Ottawa, and Washington could resolve the ongoing tariff dispute within "days."

President Donald Trump's administration is currently levying heavy tariffs on Canadian steel, aluminum, copper, lumber, and automobiles.

The trade war has taken a heavy toll on Canada's economy. Last week, Trump offered to relieve these sanctions for companies that plan on moving production south of the border.

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"We need a good deal in the right time, and what we don't need is chasing a small deal that disadvantages us," Carney told CBC News chief correspondent Adrienne Arsenault on Monday.

While Carney wants to see a comprehensive deal struck soon so that economic recovery can begin, he indicated that he's not willing to blindly give in to Trump's demands.

"We could sit down this afternoon and hammer the whole thing out over the course of 10 days if the US side – which has other things to do, I acknowledge that – had the bandwidth and the inclination to go through it," he said.

"A lot of countries rushed into deals with the US. They weren't really worth the paper they were written on," Carney continued. "It takes two to negotiate."

Carney's comments on CBC came mere hours after he announced a brand-new sovereign wealth fund, a government-owned investment account to help pay for major projects.

The "Canada Strong Fund" will start at $18 billion and will be used to help finance energy, infrastructure, mining, agriculture, and technology projects that will benefit the Canadian economy.

Funds from the sovereign wealth account will be used to incentivize private investors to enter Canada, bringing with them jobs, innovation, and money.

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"Canada's new government is catalyzing a series of nation-building projects in energy, trade, critical minerals, transport, data, and beyond," Carney said in a statement put out alongside the announcement.

"Through the Canada Strong Fund, all Canadians will have the opportunity to share directly in these benefits," he said. "This is our country, this is your future, and we are building it together."