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“The jobs of workers in our industries most affected by U.S.
tariffs — autos, steel, lumber — are under threat. Our
businesses are holding back investments, restrained by the pall
of uncertainty that is hanging over all of us,” Carney said.
U.S. President Donald Trump has been threatening Canada’s
economy and sovereignty with tariffs, most offensively by
claiming Canada could be “the 51st state.”
Carney reiterated in an evening address to Canadians that the
decades-long process of an ever-closer economic relationship
between the Canadian and U.S. economies is now over.
"The U.S. has fundamentally changed its approach to trade,
raising 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 one
foreign partner."
Tensions between the neighbors and longtime allies have eased
slightly in recent months as Carney tries to get a trade deal
with Trump, but tariffs are taking a toll, particularly in the
aluminum, steel, auto and lumber sectors.
More than 75% of Canada’s exports go to the U.S.
“We are re-engaging with the global giants India and China,” he
said.
Canada is the top export destination for 36 U.S. states. Nearly
$3.6 billion Canadian (US$2.7 billion) worth of goods and
services cross the border daily.
Canada's free trade deal with the U.S. is up for review in 2026.
Carney called Canada an "energy superpower” and said the country
has third largest reserves of oil and the fourth largest
reserves of natural gas in the world.
About 60% of U.S. crude oil imports are from Canada, and 85% of
U.S. electricity imports are from Canada.
Canada is also the largest foreign supplier of steel, aluminum
and uranium to the U.S. and has 34 critical minerals and metals
that the Pentagon is eager for and investing in for national
security.
“I will always be straight about the challenges we have to face
and the choices we must make,” Carney said. “To be clear, we
won’t transform our economy easily or in a few months — it will
take some sacrifices and some time.”
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