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Carney Says Canada’s U.S. Economic Reliance Is Now a Weakness

His message signals a pivot toward diversification ahead of July’s review of the North American trade pact.

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Canadian Prime Minister Mark Carney speaks during a press conference at the West Block on Parliament Hill in Ottawa, Ontario, Canada, on April 14, 2026. Carney's Liberal party secured a majority in Canada's parliament on April 13 after winning all three by-election seats up for grabs, boosting his Liberals as they work to bolster a country shaken by threats from the United States. (Photo by ANDREJ IVANOV / AFP)
U.S. President Donald Trump and Canada's Prime Minister Mark Carney react as they meet in the Oval Office at the White House in Washington, D.C., U.S., October 7, 2025. REUTERS/Evelyn Hockstein

Overview

  • Carney, who posted a 10‑minute video Sunday, warned that ties once seen as strengths now leave Canada exposed and pledged regular, blunt updates on his plan.
  • He outlined a shift to draw new investment, build trade with more countries, expand trade and energy corridors, boost clean‑energy capacity, and lower internal barriers.
  • He said U.S. tariffs have jumped to levels last seen in the Great Depression, putting auto, steel, aluminum, and lumber jobs at risk as companies delay spending.
  • The address followed his new parliamentary majority and public criticism from U.S. Commerce Secretary Howard Lutnick, with a USMCA/CUSMA review scheduled for July.
  • Officials note nearly 70% of Canadian exports go to the U.S., which makes diversification difficult, and Ottawa is preparing a Toronto investor summit in September to court large inflows.