Canadian Prime Minister Mark Carney has warned that the country's strong economic ties to the United States have become a weakness that must be corrected. In a 10-minute video address, Carney spoke about his government's efforts to strengthen the Canadian economy by attracting new investments and signing trade deals with other countries.
The US has fundamentally changed its approach to trade, raising tariffs to levels last seen during the Great Depression, Carney said. He added that businesses are holding back investments due to uncertainty over the future of trade agreements.
Carney also emphasized Canada's need to diversify away from the US and reduce its reliance on a single foreign partner. He promised regular updates on his government's efforts to achieve this goal.
The Canadian PM has previously spoken about a shift in world power, condemning economic coercion by great powers against smaller countries. His remarks have received widespread praise, but also drew criticism from US President Donald Trump.
Carney's comments come as the country reviews its current trade agreement with the US and Mexico, and as the opposition Conservatives push him to deliver a US trade deal.