Canada's economic ties with US are a weakness: Carney

VANCOUVER

Canadian Prime Minister Mark Carney said in a video address released on April 19 that Canada’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 U.S. 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 U.S. 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 U.S.

“I promise you I will never sugarcoat our challenges,” he added. 

It’s not the first time Carney 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.”