{"id":511888,"date":"2026-03-03T15:59:20","date_gmt":"2026-03-03T15:59:20","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/511888\/"},"modified":"2026-03-03T15:59:20","modified_gmt":"2026-03-03T15:59:20","slug":"to-trumps-tariffs-and-chaos-world-travelling-carney-says-not-today","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/511888\/","title":{"rendered":"To Trump\u2019s tariffs and chaos, world-travelling Carney says \u2018not today\u2019"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

Prime Minister Mark Carney participates in a meeting with the India-Canada CEO Forum in New Delhi, India on Monday.Adrian Wyld\/The Canadian Press<\/p>\n

John Turley-Ewart is a contributing columnist for The Globe and Mail, a regulatory compliance consultant and a Canadian banking historian.<\/p>\n

The American tariff<\/a> bluster is back. Last week Jamieson Greer, the U.S. Trade Representative, tweaked our noses when he told the CBC that \u201cIf Canada wants to agree that we can have some level of higher tariff on them while they open up their markets to us on things like dairy and other things, then that\u2019s a helpful conversation.\u201d<\/p>\n

\u201cHelpful conversations\u201d are included in Prime Minister Mark Carney\u2019s<\/a> agenda this week, but not with the Americans. Instead, the Prime Minister headed to the Pacific region on Thursday to continue trade talks with India, Australia and Japan. \u201cCanada has what the world wants \u2013 abundant energy, critical minerals, expertise in technology, and world-class talent,\u201d according to the government\u2019s news release promoting his trip.<\/p>\n

Missing is the obvious. The world also wants our proximity to the United States. It differentiates Canada in the global market and is another reason why Canada needs a deal with the Trump administration<\/a> on a renegotiated USMCA.<\/p>\n

This, according to TD Economics, helps explain strong investment inflows into Canada from Britain in 2025. TD economists note that \u201cover 40 per cent of U.K. filings were acquisitions of Canadian software companies … suggesting U.K. investors see Canadian tech as both promising and a natural gateway to North American markets.\u201d<\/p>\n

Carney secures $2.6-billion uranium supply deal with India, launches talks on trade deal<\/a><\/p>\n

The Prime Minister\u2019s Office says the trip is to \u201cdiversify trade, attract new investment, and secure new partnerships.\u201d Mr. Carney\u2019s strategy leads the political zeitgeist in Canada, where last week a poll by Nanos Research for The Globe and Mail suggested most Canadians do not see our southern neighbour as a trustworthy ally.<\/p>\n

Importantly, diversification efforts are bearing some fruit. Global Affairs Canada reports that this country\u2019s trade data from December, 2025, shows that \u201cAnnual goods exports to the United States fell 5.8 per cent, mitigated almost completely by a 17.2-per-cent export gain to non-U.S. markets.\u201d<\/p>\n

The data also shows that the \u201cU.S. share of Canadian goods exports fell 4.2 percentage points to 71.7 per cent in 2025 compared to 2024, the lowest share since the early 1980s,\u201d when Canada did not have a free-trade deal with the U.S. Some of that decline, however, has come in high value-add manufactured goods, shedding jobs associated with them. Auto production, for instance, dropped by 5.4 per cent in 2025 and is likely to continue to decline in 2026.<\/p>\n

Nevertheless, more trade deals between Canada and countries such as India, Japan and Australia add ammunition to use in this country\u2019s battle against aggressive U.S. economic pressure. Mr. Carney\u2019s trip isn\u2019t just about diversification \u2013 it helps circle the wagons to protect access to U.S. markets the USMCA deal provides, a deal that will be renegotiated this year.<\/p>\n

A recent academic paper<\/a> by two economists, one from the Federal Reserve Bank of Dallas, the other from Southern Methodist University, tracks the history of U.S. tariffs and quantifies strategic trade-offs. It makes clear the Trump administration\u2019s primary objective in the USMCA renegotiation.<\/p>\n

Anand declines comment on links between Indian consulate and Nijjar slaying<\/a><\/p>\n

They argue President Donald Trump and his trade representatives bluff with \u201csteeper tariff increases as the fallback in failed negotiations.\u201d But the objective is securing \u201cagreements on tariffs at or above the 10-per-cent floor \u2013 without provoking retaliation \u2013 using carve-outs and exemptions to facilitate agreement.\u201d <\/p>\n

Surrender is what success looks like for the Trump administration. In such a scenario, the economists say, the U.S. \u201ccould raise fiscal revenue while delivering modest but positive welfare gains for U.S. consumers.\u201d <\/p>\n

If Canada retaliates with its own tariffs, point out the economists, the gains the Trump administration seeks are eliminated, even if the U.S. government fully rebated the tariffs to American households. This reinforces former prime minister (and economist) Stephen Harper\u2019s call last month for Canada to hit back with its own tariffs on U.S. goods.<\/p>\n

Canada is now heading into the major battle in the trade war with the U.S. that Mr. Trump started, and there is one way to win: Deny the Trump administration\u2019s efforts to impose tariffs on Canada that go unanswered, making Canada a less attractive destination for foreign investment, while sending jobs south.<\/p>\n

Retaliatory tariffs will squeeze Canadian pocketbooks even harder at a time of an affordability crisis. Jobs will be lost. Hiring will stall. New trading partners will offer some relief if not moral support. But the fight must be fought.<\/p>\n

Mr. Carney\u2019s foreign trips rallying new trade allies to our side signals he is preparing to fight that battle, as he must. <\/p>\n

It will be the fight of our lives. Godspeed.<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: Prime Minister Mark Carney participates in a meeting with the India-Canada CEO Forum…\n","protected":false},"author":2,"featured_media":511889,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[901,888,902,879,877,903,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,43,889,890,884,904,885,909,910,44,912,907,911,905,908,882,898,899,714,897,906,865,61,41,39,42,40,900,892,886,883,913],"class_list":{"0":"post-511888","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-headlines","8":"tag-alberta","9":"tag-arts-news","10":"tag-bc","11":"tag-breaking-news","12":"tag-breaking-news-video","13":"tag-british-columbia","14":"tag-canada","15":"tag-canada-news","16":"tag-canada-sports","17":"tag-canada-sports-news","18":"tag-canada-trafficcanada-weather","19":"tag-canadian-breaking-news","20":"tag-canadian-news","21":"tag-economy","22":"tag-education","23":"tag-environment","24":"tag-federal-government","25":"tag-foreign-news","26":"tag-globe-and-mail","27":"tag-globe-and-mail-breaking-news","28":"tag-globe-and-mail-canada-news","29":"tag-government","30":"tag-headlines","31":"tag-life-news","32":"tag-lifestyle","33":"tag-local-news","34":"tag-manitoba","35":"tag-national-news","36":"tag-new-brunswick","37":"tag-newfoundland-and-labrador","38":"tag-news","39":"tag-northwest-territories","40":"tag-nova-scotia","41":"tag-nunavut","42":"tag-ontario","43":"tag-pei","44":"tag-photos","45":"tag-political-news","46":"tag-political-opinion","47":"tag-politics","48":"tag-politics-news","49":"tag-quebec","50":"tag-sports-news","51":"tag-technology","52":"tag-top-news","53":"tag-top-stories","54":"tag-topnews","55":"tag-topstories","56":"tag-travel","57":"tag-trudeau","58":"tag-us-news","59":"tag-world-news","60":"tag-yukon"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/511888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=511888"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/511888\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/511889"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=511888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=511888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=511888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}