{"id":245560,"date":"2025-10-23T07:56:23","date_gmt":"2025-10-23T07:56:23","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/245560\/"},"modified":"2025-10-23T07:56:23","modified_gmt":"2025-10-23T07:56:23","slug":"canada-to-double-non-u-s-exports-over-next-decade-carney-says","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/245560\/","title":{"rendered":"Canada to double non-U.S. exports over next decade, Carney says"},"content":{"rendered":"

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

Prime Minister Mark Carney makes a live address Wednesday on Canada’s plan to build a stronger economy in advance of the 2025 Budget.Sean Kilpatrick\/The Canadian Press<\/p>\n

Prime Minister Mark Carney<\/a> says his government\u2019s fall budget will pledge to double exports to non-U.S. markets over the next decade, shift the focus of Canada\u2019s climate<\/a> and immigration<\/a> policies and make spending cuts to boost investment in major projects.<\/p>\n

Mr. Carney made the comments in an evening speech at the University of Ottawa, where he told students the Nov. 4 budget will demand sacrifice as the country responds to the unprecedented pressures facing the Canadian economy in light of U.S. President Donald Trump\u2019s<\/a> protectionist trade policies. <\/p>\n

He said the U.S. has fundamentally changed its approach to trade, raising its tariffs<\/a> to levels last seen during the Great Depression. As a result, he said, Canada\u2019s economic strategy must change dramatically, to focus on diversifying trade and building goods at home. <\/p>\n

\u201cOur goal for Canada is to double our non-U.S. exports over the next decade, generating more than $300-billion more in trade,\u201d he said. \u201cWe used to build things in this country. We can build again.\u201d<\/p>\n

Economists expect the budget will feature much larger deficits than the Liberals projected during the April election campaign. Mr. Carney\u2019s speech hinted that significant deficits are in fact coming.<\/p>\n

\u201cOur government has the fiscal capacity to act decisively and we must draw on these strengths now,\u201d he said, adding that the \u201ccore\u201d of the government\u2019s budget strategy will be to \u201ccatalyze unprecedented investments\u201d over the next five years.<\/p>\n

Opinion: Can Carney do the hard things needed to save Canada?<\/a><\/p>\n

Mr. Carney said the budget will introduce a \u201cclimate competitiveness strategy,\u201d which he said would \u201cfocus on results over objectives.\u201d He did not provide further detail.<\/p>\n

He also said the budget would include a new immigration plan that would match immigration levels \u201cwith our needs and our capacity to welcome them.\u201d <\/p>\n

The budget will also announce support for apprenticeships, skills training and a new talent strategy \u201cfor the next generation of scientists and innovators to build their careers in Canada.\u201d<\/p>\n

He also said the budget will support a Buy Canadian policy, particularly for Canadian steel, aluminum, lumber, manufactured goods, and technology for Canadian projects.<\/p>\n

At times, the speech made references to sacrifice and \u201cdifficult\u201d decisions, without providing a clear sense of what would be cut as the government tries to find internal savings.<\/p>\n

\u201cWe will have to do less of some of the things we want to do, so we can do more of what we must do to build a bigger, better Canada,\u201d he said, adding that essential social programs will be protected. <\/p>\n

Canadian Labour Congress president Bea Bruske issued a statement shortly after the speech, expressing concern with Mr. Carney\u2019s suggestions that cuts are coming. She said new investments should be funded by raising corporate taxes and closing tax loopholes.<\/p>\n

\u201cCanada\u2019s unions agree that investment is key but workers cannot be asked to pay the price through cuts to the public services and supports their families rely on. You don\u2019t build resilience by hollowing out the very systems that help people weather hard times,\u201d she said.<\/p>\n

Earlier in the day, Mr. Carney held separate meetings with Conservative Leader Pierre Poilievre<\/a> and Bloc Qu\u00e9b\u00e9cois Leader Yves-Fran\u00e7ois Blanchet about their budget priorities.<\/p>\n

The meetings took place a day after Government House Leader Steven MacKinnon raised the possibility that the opposition parties could trigger a federal election by making impossible budget demands. <\/p>\n

The minority Liberal government is three votes short of a majority, meaning it needs MPs from another party to either vote with it or abstain to avoid an election on the budget.<\/p>\n

Government House leader calls budget demands from Conservatives, Bloc unreasonable<\/a><\/p>\n

Mr. Poilievre released an open letter Monday that said the budget should keep the deficit under $42-billion<\/a>, in reference to the government\u2019s deficit projection that was announced in the December, 2024, fiscal update. He also said it should reduce taxes on income, capital gains, the industrial carbon tax and \u201chomebuilding taxes\u201d and should eliminate various taxes related to packaging, fertilizer and farm equipment that he calls \u201chidden taxes on food.\u201d<\/p>\n

Mr. MacKinnon dismissed the Conservative demands as \u201cludicrous\u201d and said Wednesday that Mr. Poilievre\u2019s references to taxes on food are imaginary.<\/p>\n

Mr. Carney delivered his speech at 7:30 p.m. ET. He met with Mr. Poilievre for about half an hour at 4:30 p.m. ET.<\/p>\n

After that meeting, Mr. Poilievre described his own proposals as \u201cvery reasonable.\u201d<\/p>\n

\u201cMy message is it\u2019s time to reverse course on the costly decade of deficit spending that has given us more expensive food and housing,\u201d he said. \u201cSo if the Prime Minister is serious about making Canada a more affordable country, then he needs to bring forward an affordable budget.\u201d<\/p>\n

Mr. Blanchet told reporters the Bloc\u2019s budget demands are well known and could be funded by removing federal subsidies for the oil and gas sector.<\/p>\n

\u201cIt\u2019s their responsibility to find somebody to vote with them, and only theirs,\u201d he said.<\/p>\n

Randall Bartlett, Desjardins\u2019 deputy chief economist, released a detailed report Wednesday that lays out expectations ahead of the budget.<\/p>\n

\u201cWhile it\u2019s difficult to know exactly how big the planned deficits will be, announced spending and tax cuts make clear that they will be among the largest in recent memory as a share of GDP outside of a recession or pandemic,\u201d he wrote.<\/p>\n

The Desjardins report said the deficit for the current fiscal year could exceed $70-billion, which is similar to an estimate released last month by the Parliamentary Budget Officer. The C.D. Howe Institute said this year\u2019s deficit could be more than $92-billion.<\/p>\n

Mr. Bartlett projects the federal net debt-to-GDP \u2013 a key metric of a government\u2019s fiscal health \u2013 will rise steadily over the coming decade. <\/p>\n

\u201cWhile a debt downgrade isn\u2019t imminent, Canada\u2019s AAA status shouldn\u2019t be taken for granted,\u201d he wrote.<\/p>\n

The federal debt-to-GDP ratio spiked to 47.2 per cent from 31.2 per cent during the COVID-19 pandemic. It improved to 42.1 per cent for the 2023-24 fiscal year.<\/p>\n

The government\u2019s December, 2024, fiscal update had projected that the debt-to-GDP ratio would decline slightly each year.<\/p>\n

The government recently said that within three years, the entirety of the federal deficit will be used for capital spending that boosts growth, as opposed to operational spending.<\/p>\n

Mr. Carney referenced that plan during Question Period.<\/p>\n

\u201cWhat the government is going to do is use that deficit to grow this economy like it has never seen before,\u201d he said. <\/p>\n

With a report from Stephanie Levitz<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: Prime Minister Mark Carney makes a live address Wednesday on Canada’s plan to…\n","protected":false},"author":2,"featured_media":245561,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101,111],"class_list":{"0":"post-245560","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-politics"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/245560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=245560"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/245560\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/245561"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=245560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=245560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=245560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}