Carney says Canada will emerge stronger from US trade war
Canadian Prime Minister Mark Carney said on Tuesday that Canada plans to come through its trade war with the United States as a more resilient and independent economy. He said any future cooperation with Washington must be built on respect for each country’s sovereignty.
Speaking to hundreds of global investors at the Canada Investment Summit in Toronto, Carney said Canada would remain open to working with the US, but only as an equal partner. He also announced a plan to seek private investment through long-term concessions to run Canada’s four biggest airports, while keeping public ownership of the land and assets.
Addressing the summit, Carney said, “And to our American friends, let me say this. We will always be neighbours.” He added that the relationship works when the two countries engage as “true partners that respect each other’s traditions and sovereignty.” He said, “When those opportunities return, Canada will be an even better partner - stronger, more resilient, more independent.”
Carney said the airport plan could raise tens of billions of dollars, which would be reinvested in transport and other infrastructure. Without naming US President Donald Trump, he criticised what he described as a more transactional and zero-sum approach to international economic ties. “Our reputation - as a reliable, predictable partner - has rarely been more valuable in a world where transactions are replacing relationships, and zero-sum is favoured over win-win,” he said.
He said economic integration and national sovereignty are increasingly in tension, and argued that countries trying to protect their independence need to work more closely with like-minded partners. Carney is due to travel to Europe later on Tuesday, where he is scheduled to address the European Parliament.
Trump has repeatedly used tariffs to pressure trading partners and has pushed manufacturers to move production and investment south of the Canadian border. Even so, Carney noted that about 80 per cent of trade with the US remains tariff-free. “There is a mutually beneficial arrangement that can be had,” Carney said in a fireside chat after his speech. “When it is the right time to strike that deal, we’ll be ready to do that.”
Trade talks between Canada and the United States collapsed last month before Washington imposed 50 per cent tariffs on about USD 20 billion worth of Canadian goods, prompting retaliation from Ottawa. The United States has since announced more restrictions on Canadian products, as Carney said Canada is seeking to stay prepared for a future deal while building a stronger and more independent economy.
