TORONTO (AP) — Canadian Prime Minister Mark Carney announced an ambitious target to double the nation’s exports outside the United States over the next ten years, citing growing economic instability driven by American trade policies. Speaking ahead of the upcoming federal budget release on November 4, Carney emphasized that long-standing economic dependencies on the U.S. are now posing significant risks to domestic industries. n nHe highlighted that sectors such as automotive manufacturing, steel production, and forestry are facing mounting pressure due to U.S. tariffs, which have led businesses to delay or cancel investment plans. The climate of unpredictability, he noted, is undermining confidence across the economy. n nCarney stressed that the era of deepening integration between the Canadian and American economies has effectively ended, pointing to recent U.S. tariff increases that resemble protectionist measures last seen during the 1930s. “We must become more self-reliant,” he stated, underscoring the need to diversify trade relationships beyond a single partner. n nDespite some diplomatic easing in recent months, the impact of trade tensions remains evident, particularly in aluminum, steel, auto, and lumber industries. Currently, over three-quarters of Canada’s total exports are directed to the United States, making the shift toward global markets both urgent and challenging. n nAs part of the strategy, the government aims to strengthen economic ties with major emerging markets, specifically naming India and China as key partners for future growth. Canada also continues to leverage its status as a major energy provider, holding the world’s third-largest oil reserves and fourth-largest natural gas reserves. n nThe country supplies about 60% of U.S. crude oil imports and 85% of its electricity imports, while also serving as the top foreign source of steel, aluminum, and uranium. Additionally, Canada possesses 34 critical minerals sought by the U.S. Department of Defense for strategic security purposes. n nCarney acknowledged that transforming the economy would require time, effort, and short-term sacrifices, but insisted transparency and decisive action are essential. “This won’t happen quickly or without difficulty,” he said, calling for national unity in navigating the shifting global trade landscape. n— news from PBS
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Carney says Canada will aim to double its non-U.S. exports amid economic tensions
TORONTO (AP) — Prime Minister Mark Carney set a goal for Canada to double its non-U.S. exports in the next decade, saying American tariffs are causing a chill in investment. n nCarney, who will release his government’s budget on Nov. 4, said Wednesday many of Canada’s former strengths — based on close ties to America — have become vulnerabilities. n nWATCH: Canadian tourism to U.S. drops dramatically amid Trump’s harsh rhetoric n n“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. n nU.S. President Donald Trump has been threatening Canada’s economy and sovereignty with tariffs, most offensively by claiming Canada could be “the 51st state.” n nCarney 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. n n“The U.S. has fundamentally changed its approach to trade, raising its tariffs to levels last seen during the Great Depression,” Carney said. n n“We have to take care of ourselves because we can’t rely on one foreign partner.” n nTensions 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. n nMore than 75% of Canada’s exports go to the U.S. n n“We are re-engaging with the global giants India and China,” he said. n nCanada 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. n nCanada’s free trade deal with the U.S. is up for review in 2026. n nCarney 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. n nAbout 60% of U.S. crude oil imports are from Canada, and 85% of U.S. electricity imports are from Canada. n nCanada 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. n n“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.”