In the upcoming budget, Prime Minister Mark Carney promised to double non-U.S. exports over the next decade and to boost domestic investment and infrastructure, stating that “sacrifices” will be required. Speaking in a primetime address to students at the University of Ottawa, Carney said the expansion of international trade beyond the U.S. will generate $300 billion more in trade, which will bolster the economy in the face of U.S. President Donald Trump’s tariffs.
Carney stated, “The ten-decade process of an ever-closer economic relationship with the United States is over.” “As a consequence, many of our former strengths as a country … based on close ties to America have become our vulnerabilities.
“To be clear, we won’t transform our economy easily or in a few months,” he said later. “It will take some sacrifices and it will take some time.” The prime minister also promised that the Grey Cup in a month’s time will announce the next batch of so-called “nation-building” major projects that will be expedited by new federal legislation. He said “it’s time to swing for the fences again” with such “generational” investments, which will be necessary to build the economy of the future.
The federal government is expected to deliver its budget on Nov. 4, which will include details on Canada’s commitments to spending on defense and infrastructure as well as a clearer picture of how high the deficit could climb. Carney’s speech came as a new Desjardins report estimates the federal budget deficit could be the highest in 30 years, outside of the Great Recession and the Covid-19 pandemic years.
Carney vows to double non-U.S. exports, says Canada must ‘play to win’
