In a 10-minute video address. Canadian Prime Minister Mark Carney outlined his government’s efforts to strengthen the economy by attracting new investments and signing trade deals with other countries. He emphasized that the close economic relationship with the U.S., which had long been a source of stability, is now a vulnerability that must be addressed.

Shift in Global Trade Dynamics

Carney said the world is more dangerous and divided, noting that the U.S. has fundamentally changed its approach to trade, raising tariffs to levels last seen during the Great Depression. He pointed out that many of Canada’s former strengths, based on its close ties to the U.S., have now become weaknesses.

Carney highlighted the impact of tariffs imposed by former U.S — President Donald Trump on Canadian workers in the auto and steel industries; he noted that businesses were holding back investments due to the uncertainty created by the current trade environment.

Many Canadians have been angered by Trump’s comments suggesting that Canada become the 51st state. Carney said he planned to provide regular updates on his government’s efforts to diversify away from the U.S. and reduce reliance on a single trading partner.

Carney’s Stance on Economic Coercion

Carney, who previously served as a central bank governor at the Bank of Canada and later with the Bank of England, has spoken about a shift in global power dynamics before. During a speech in January at the World Economic Forum in Davos, Switzerland, he condemned economic coercion by great powers against smaller countries.

His remarks brought a rebuke from Trump, who responded with, “Canada lives because of the United States, as Remember that, Mark, the next time you make your statements.” There was no immediate White House reaction to Carney’s latest address.

Carney’s comments came days after securing a majority government following special election wins, though the opposition Conservatives are pushing him to deliver a U.S. trade deal, which was among his promises in last year’s election.

Strategic Economic and Security Goals

A review of the current version of the North American Free Trade Agreement (NAFTA) between Canada, the U.S., and Mexico is scheduled for July. In his address. Carney outlined plans to attract new investments into Canada, double the size of clean energy capacity, and reduce trade barriers within the country.

He also emphasized Canada’s increased defense spending, tax reductions, and efforts to make housing more affordable; Carney said simply hoping the U.S. would return to normal trade practices was not a feasible strategy.

“Hope isn’t a plan and nostalgia is not a strategy,” Carney said, though he added that Canada had been a great neighbor, standing with the U.S. in conflicts including Afghanistan and two world wars.

Carney said the U.S. has changed, and Canada must respond by taking back control of its security, borders, and future. “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 neighbors. We can’t control our future on the hope it will suddenly stop.”

Carney said Canada can control what happens domestically and build a stronger country that can withstand disruptions from abroad. His remarks reflect a broader strategy to shift away from dependency on the U.S. and secure Canada’s economic and strategic independence.