(Bloomberg) -- The US Inflation Reduction Act has forced Canada to “step up” with public money to lure investment from major firms, Prime Minister Justin Trudeau said Friday in a Bloomberg Television interview.

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“The IRA is something we have had to step up to, to make sure we are competitive. We are going to be more strategic about how we pick and choose the right investments. We cannot just do a blanket like the US,” Trudeau said.

Other highlights from the interview:

• On recent US banking turmoil: “We’re watching carefully. We’re there to be helpful if we need to,” Trudeau said, but “things seem to be in hand.”

• Teck Resources is a “great company” and his government is closely watching the takeover situation with Glencore

• Canada will be consistent on regulatory approval, M&A rules, Trudeau said, for any deals involving Teck

• G-7 is coordinating on how to handle Russian aggression, and China may need to be challenged in the economic sphere

• Trudeau said Canada needs to extremely “clear-eyed” on where to deal with China

  • It must compete in some areas and cooperate in others

  • “There are other places we have to actively contest China, on human rights, on labor standards, on how they’re engaging with different places around the world”

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