Carney Warns of 'Cost' in Trade Diversification Efforts Amid US Trade War
Prime Minister Mark Carney has delivered a forward guidance video message emphasizing trade diversification and resilience in the face of a US-imposed trade war. The Canadian economy, he said, has become overly dependent on free trade with the United States over the past 40 years, leaving it vulnerable to external pressures.
Carney warned that breaking this dependence will come at a cost, but inaction would be even more expensive. He emphasized the need for Canada to move quickly and methodically to restabilize its export trade dynamic and promote economic growth.
The Prime Minister also highlighted the importance of investing in infrastructure, including factory-built housing, mine expansion, and port development, as well as maintaining social programs during this transition period.