Canada is pitching itself to global investors as a safer alternative to the US, which is bad news for Washington's ability to borrow cheaply.

• Mark Carney is asking the world's biggest funds to shift 1% of their money into Canada, which would mean about $1 trillion in fresh capital.
• The money would fund 160-plus projects: pipelines, mining for gold, copper and rare earths, AI data centers, and port and LNG terminals.
• That directly targets America's biggest current advantage — its dominance in selling gas to Europe and Asia.
• US borrowing costs are the weak spot: the 10-year yield is near 5%, $7.5 trillion of debt has to be refinanced this year, and interest payments already top $1 trillion a year.
• Canada has AAA ratings from all three agencies and a much smaller deficit, while US debt has been downgraded by Moody's and S&P.

Outlook: A Canada-EU partnership announcement is expected September 16, and unless Trump strikes a deal with Ottawa soon, more capital will keep drifting away from US bonds.