WATCH: Canadian tourism to U.S. drops dramatically amid Trump\u2019s harsh rhetoric<\/a><\/p>\n\u201cThe jobs of workers in our industries most affected by U.S. tariffs \u2014 autos, steel, lumber \u2014 are 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
U.S. President Donald Trump has been threatening Canada\u2019s economy and sovereignty with\u00a0tariffs, most offensively by claiming Canada could be\u00a0\u201cthe 51st state.\u201d<\/p>\n
Carney reiterated in an evening address to Canadians that the decades-long process of an ever-closer economic relationship between the Canadian and U.S. economies is now over.<\/p>\n
\u201cThe U.S. 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 neighbors and longtime allies have eased slightly in recent months as Carney tries to get\u00a0a trade deal with Trump, but tariffs are\u00a0taking a toll, particularly in the aluminum, steel, auto and lumber sectors.<\/p>\n
More than 75% of Canada\u2019s exports go to the U.S.<\/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 U.S. 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 U.S. is up for review in 2026.<\/p>\n
Carney called Canada an \u201cenergy superpower\u201d and said the country has third largest reserves of oil and the fourth largest reserves of natural gas in the world.<\/p>\n
About 60% of U.S. crude oil imports are from Canada, and 85% of U.S. electricity imports are from Canada.<\/p>\n
Canada is also the largest foreign supplier of steel, aluminum and uranium to the U.S. 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 \u2014 it will take some sacrifices and some time.\u201d<\/p>\n
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\n Donate now<\/p>\n <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"TORONTO (AP) \u2014 Prime Minister Mark Carney set a goal for Canada to double its non-U.S. exports in…\n","protected":false},"author":2,"featured_media":248125,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36],"tags":[28,101],"class_list":["post-248124","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/248124","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=248124"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/248124\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/248125"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=248124"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=248124"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=248124"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}