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Prime Minister mark carney set a goal for Canada to double its non-US exports over the next decade, saying US tariffs are causing a decline in investment.
Carney, who will release his government’s budget on Nov. 4, said Wednesday that many of Canada’s former strengths — which were based on close ties with the U.S. — have become weaknesses.
“Jobs for workers in our industries hardest hit by U.S. tariffs – auto, steel, lumber – are at risk. Our businesses are holding back on investment because of the uncertainty hanging over all of us,” Carney said.
us President donald trump Canada’s economy and sovereignty are being threatened through tariffs, most egregiously by claims that Canada could be the “51st state.”
Carney reiterated in an evening address to Canadians that decades of closer economic ties between the Canadian and American economies are now over.
“The United States has fundamentally changed its approach to trade and raised its tariffs to levels last seen during the Great Depression,” Carney said.
“We have to take care of ourselves because we can’t rely on a foreign partner.”
Tensions between the neighbors and longtime allies have eased slightly in recent months as Carney tries to strike a trade deal with Trump, but the tariffs are having an impact, especially in the aluminum, steel, auto and lumber sectors.
More than 75% of Canada’s exports go to the US
“We are reuniting with global giants India And China,” He said.
Canada is the top export destination for 36 US states. Approximately $3.6 billion Canadian (US$2.7 billion) worth of goods and services cross the border daily.
Canada’s free trade agreement with the United States is up for review in 2026.
Carney called Canada an “energy superpower” and said the country has the third-largest reserves of oil and the fourth-largest reserves of natural gas in the world.
About 60% of US crude oil imports come from Canada, and 85% of US electricity imports come from Canada.
Canada is also the largest foreign supplier of steel, aluminum and uranium to the US and has 34 critical minerals and metals that the Pentagon is keen on and investing in for national security.
“I will always be clear about the challenges we face and the choices we have to make,” Carney said. “To be clear, we will not be able to turn our economy around easily or in a few months – it will take some sacrifice and some time.”