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Canadian Prime Minister Mark Carney said in a video address released on Sunday that his country’s strong economic ties to the United States were once a strength but are now a “weakness that must be corrected.”
In the 10-minute address, Carney spoke about his government’s efforts to strengthen the Canadian economy by attracting new investments and signing trade deals with other countries.
“The world is more dangerous and divided,” Carney said. “The US has fundamentally changed its approach to trade, raising its tariffs to levels last seen during the Great Depression.
“Many of our former strengths, based on our close ties to America, have become weaknesses. Weaknesses that we must correct.”
Carney said tariffs imposed by US President Donald Trump have affected workers in the auto and steel industries. He added that businesses are holding back investments “restrained by the pall of uncertainty that’s hanging over all of us.”
Carney said he plans to give Canadians regular updates on his government’s efforts to diversify away from the US.
“Security can’t be achieved by ignoring the obvious or downplaying the very real threats that we Canadians face,” he said. “I promise you I will never sugarcoat our challenges.”
It’s not the first time Carney, who served as a central bank governor, first at the Bank of Canada and later with the Bank of England, has spoken about a shift in world power.
During a speech in January at the World Economic Forum in Davos, Switzerland, he received widespread praise for condemning economic coercion by great powers against small countries. His remarks brought a rebuke from Trump.
“Canada lives because of the United States,” Trump said after the speech. “Remember that, Mark, the next time you make your statements.” There was no immediate White House reaction on Sunday to Carney’s latest address.
The Canadian leader’s comments come just days after securing a majority government following special election wins and as the opposition Conservatives push him to deliver a US trade deal, which was among his promises in last year’s election.
In his address, Carney said he wants to attract new investments into Canada, double the size of clean energy capacity and reduce trade barriers within the country. He also emphasised Canada’s increased defence spending, reduction in taxes and efforts to make housing more affordable.
“We have to take care of ourselves because we can’t rely on one foreign partner,” he said. “We can’t control the disruption coming from our neighbours. We can’t control our future on the hope it will suddenly stop.
“We can control what happens here. We can build a stronger country that can withstand disruptions from aboard,” added Carney.
The Canadian prime minister noted that simply hoping the “United States will return to normal” is not a feasible strategy.
“Hope isn’t a plan and nostalgia is not a strategy,” he stressed, adding that his country has been a “great neighbour” to the US, supporting their military conflicts, including in Afghanistan and the two World Wars.
“The US has changed and we must respond,” he said. “It’s about taking back control of our security, our borders and our future.”
Additional sources • AP