Canadian Prime Minister Carney Seeks to Reduce Economic Dependence on U.S.

In a video address released on Sunday, Canadian Prime Minister Mark Carney expressed concern over Canada's economic dependence on the United States, stating that the close ties have become a vulnerability that must be addressed.

Carney highlighted that the U.S. has raised tariffs to levels last seen during the Great Depression, impacting Canadian industries such as steel and automobiles. He emphasized that businesses are hesitant to invest due to growing uncertainty and criticized U.S. President Donald Trump's suggestion that Canada become the 51st U.S. state.

To diversify Canada's economy, Carney announced plans to attract foreign investment, boost clean energy capacity, reduce internal trade barriers, and increase defense spending. He stressed the need for Canada to take independent action to secure its future, stating, "We have to take care of ourselves because we can't rely on one foreign partner."

This announcement follows Carney's recent achievement of securing a majority government, which he believes will strengthen his position in dealing with trade tensions with the U.S. Canada sends almost 70% of its exports to the United States, and the country is due to review the trilateral U.S.-Mexico-Canada free trade treaty this year.

Carney's speech reflects a broader shift toward economic independence and resilience amid changing global dynamics.