Canadian Industry Minister Mélanie Joly said Canada must evaluate US government investments in the country’s critical metal companies on a case-by-case basis, amid US President Donald Trump’s nationalist economic policies.

Joly told media at an event in Montreal: “What we are seeing in the United States is definitely a rise in economic nationalism, including government acquisition of stakes in companies, and all governments worldwide must adapt to that, and we will do the same.”

The minister’s comments come days after the Trump administration announced it would acquire a 10% stake in Trilogy Metals as part of a $35.6 million investment to boost critical metal projects in Alaska. The US also approved last month acquiring a stake in Lithium Americas, which is developing the Thacker Pass lithium project in Nevada, with both companies headquartered in Vancouver.

Joly declined to comment specifically on the two deals, which must comply with federal rules on investments by state-owned entities and foreign governments, saying the government will assess deals “on a case-by-case basis through the application of the Canadian Investment Act.”

However, it is unclear how much influence the Canadian government has to block the Trilogy or Lithium Americas deals, or even if it wants to.

Brian Lax, partner at Old West Investment Management, which has investments in the mining companies, said: “If Canada resists and these companies have to turn to US government funding, I think they will likely do so hastily.”

Canada has made it harder in recent years for foreign state-owned companies to acquire its mining firms, and under former Prime Minister Justin Trudeau, the government blocked several Chinese entities’ attempts to acquire large stakes in companies with lithium and copper projects.

Joly said: “We are now facing a challenge… We need to find ways to attract capital while maintaining our sovereignty as a country, controlling much of these important metals and their destination, so we are in ongoing talks with various governments.”