Canadian Prime Minister Mark Carney on Wednesday set a goal for Canada to double its non-US exports in the next decade, saying American tariffs are causing a chill in investment.<\/p>\n
Speaking in an evening address to Canadians, Carney, who will release his government\u2019s budget on 4 November, said many of Canada\u2019s former strengths\u2014based on close ties to America\u2014have become vulnerabilities.<\/p>\n
\u201cThe jobs of workers in our industries most affected by US tariffs\u2014autos, steel, lumber\u2014are under threat. Our businesses are holding back investments, restrained by the pall of uncertainty that is hanging over all of us,\u201d Carney said.<\/p>\n
The Canadian prime minister’s new take comes amid US President Donald Trump’s threats to Canada\u2019s economy and sovereignty with tariffs, most offensively by claiming Canada could be \u201cthe 51st state.\u201d<\/p>\n
\u201cThe US has fundamentally changed its approach to trade, raising its tariffs to levels last seen during the Great Depression,\u201d Carney said.<\/p>\n
\u201cWe have to take care of ourselves because we can\u2019t rely on one foreign partner.\u201d<\/p>\n
Tensions between the neighbours and longtime allies have eased slightly in recent months as Carney tries to get a trade deal with Trump, but tariffs are taking a toll, particularly in the aluminium, steel, cars and lumber sectors.<\/p>\n
More than 75% of Canada\u2019s exports go to the US<\/p>\n
\u201cWe are re-engaging with the global giants India and China,\u201d he said.<\/p>\n
Canada is the top export destination for 36 US states. Nearly $3.6 billion Canadian (US$2.7 billion) worth of goods and services cross the border daily.<\/p>\n
Canada\u2019s free trade deal with the US is up for review in 2026.<\/p>\n
Related<\/p>\n
Carney called Canada an \u201cenergy superpower\u201d and said the country has the third-largest reserves of oil and the fourth-largest reserves of natural gas in the world.<\/p>\n
Some 60% of US crude oil imports are from Canada, and 85% of US electricity imports are from Canada.<\/p>\n
Canada is also the largest foreign supplier of steel, aluminum, and uranium to the US and has 34 critical minerals and metals that the Pentagon is eager for and investing in for national security.<\/p>\n
\u201cI will always be straight about the challenges we have to face and the choices we must make,\u201d Carney said. \u201cTo be clear, we won\u2019t transform our economy easily or in a few months\u2014it will take some sacrifices and some time.\u201d<\/p>\n
According to Carney, the decades-long process of an ever-closer economic relationship between the Canadian and US economies is now over.<\/p>\n","protected":false},"excerpt":{"rendered":"Canadian Prime Minister Mark Carney on Wednesday set a goal for Canada to double its non-US exports in…\n","protected":false},"author":2,"featured_media":98479,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,289,61351,51680,113,61,60,8189,15504,4162],"class_list":["post-98478","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-canada","tag-canadas-economy","tag-canadian-prime-minister","tag-economy","tag-ie","tag-ireland","tag-mark-carney","tag-president-donald-trump","tag-tariffs"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/98478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=98478"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/98478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/98479"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=98478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=98478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=98478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}