Prime Minister Mark Carney has given a target of doubling Canada’s exports to non-U.S. U.S. in the next ten years by claiming that American tariffs are causing an investment goosebumps.
Carney, who will present the budget of his government on Nov.4, remarked on 22nd October that much of the past strengths of Canada, which were pegged on the close relations with the U.S., have turned into liabilities.
“The jobs of employees in our industries, which are most hit by the U.S. tariffs, such as autos, steel, lumber, etc., are at stake. Having investments is something that our businesses are reluctant to do because of the pall of uncertainty that is looming over all of us”, Carney said.
U.S. President Donald Trump has put his economy and sovereignty at risk with threats of tariffs, most obnoxious when he says that Canada might be the 51st state.
In an evening speech to Canadians, Carney has restated that the many decades-long process of the ever-closer economic relationship between the Canadian and the U.S. economies ended.
Carney said, “The U.S. has essentially transformed its approach towards its trade by increasing tariffs to levels not seen since the Great Depression.”
“We should look after ourselves since we cannot depend on a single foreign partner.”
The neighbors and long-time partners have slightly cooled down in recent months when Carney attempts to establish a deal on trade with Trump; however, tariffs are starting to pay a price, especially in the aluminum, steel, auto, and lumber industries.
Canada exports majorly to the U.S. in excess of 75%.
He said, “We are once again reconnecting with the world giants, India and China.”
Canada is the leading state in exports to 36 states in the U.S. Close to 3.6 billion Canadian dollars (US2.7 billion) in goods and services are exchanged across the border every day.
The free trade agreement with the U.S. that Canada has is being reconsidered in 2026.
Carney described Canada as an energy superpower and said that the country holds the third-largest oil and fourth-largest natural gas reserves in the world.
Canada is the source of 60 percent of the U.S imported crude oil and 85 percent of the U.S imported electricity.
Canada is also the biggest foreign source of steel, aluminum, and uranium to the U.S, and has 34 key minerals and metals that the Pentagon is desperate over and investing in to secure the country.
Carney said, “We are not going to revolutionize our economy anytime soon, and within a few months, it will require some sacrifices and time.”
