Carney vows to transform Canada economy to withstand Trump
(COMBO) This combination of pictures created on March 12, 2025 shows Canada Prime Minister Mark Carney and US President Donald Trump (Photo by ANDREJ IVANOV and ROBERTO SCHMIDT / AFP)
OTTAWA, Canada — Prime Minister Mark Carney promised Friday to oversee the biggest transformation of Canada’s economy since the end of the Second World War to enable it to “stand up” to Donald Trump.
Carney led the Liberal Party to a dramatic fourth mandate in elections on Monday after a campaign focused on the US president’s threats to Canada’s economy and sovereignty.
Liberals fell just short of the 172 seats needed for majority control of parliament, but with 169 confirmed wins they will be in a strong position to pass legislation. Recounts in two closely contested electoral districts saw the party lose a seat in Quebec province but gain another in Ontario.
At his first press conference since his victory, Carney struck a determined note.
Known for weighing his words carefully, he said that he was “in politics to do great things, not to be something.”
“And now that Canadians have honored me with a mandate to bring about big changes quickly, I will work relentlessly to fulfill that trust,” he said.
Trump talks
Canada’s strained relations with the United States — historically, its close ally and biggest trading partner — was among his “immediate priorities,” he said, announcing a trip to Washington next Tuesday to meet with Trump on trade and security issues.
READ: US tariffs threat a ‘shock’ to Canadian businesses
Canadians elected him “to stand up to President Trump,” he said, adding that he will act “with focus and determination.”
“Our focus will be on both immediate trade pressures and the broader future economic and security relationship between our two sovereign nations,” said Carney.
READ: Liberals won the poll in Canada. Here’s what to know, what comes next
But he warned also not to expect any “white smoke” from their first meeting signaling a sudden breakthrough.
Carney reiterated his message from the campaign that he believes the old relationship between the two North American neighbors “based on steadily increasing integration is over.”
“The questions now are how our nations will cooperate in the future,” he said.
Trump “respects strength,” he added, explaining that this was why he was preparing the country for major changes including a massive build-up of infrastructure and new housing.
The Conservatives, the main opposition party, as well as the Bloc Quebecois, the third-largest party in Parliament, both called for unity after the elections to fight US levies including on the automotive and steel sectors.
Carney, who previously headed the Bank of Canada and the Bank of England, promised to maintain counter-tariffs on American products as long as Washington’s measures were in place.
READ: Canada to offer pandemic-level economic support if hit by US tariffs
‘Economic destiny’
“This will be an incredibly exciting time as we take control of our economic destiny to create a new Canadian economy,” Carney said.
To this end, he promised to abolish existing trade barriers between Canadian provinces by July 1 to expand the economy, and to strengthen trade with “reliable allies.”
“Canada has what the world needs, and we uphold the values the world respects,” he said.
He announced also that he would unveil his new Liberal government in the week of May 12 and that parliament would return on May 26.
King Charles III — Canada’s head of state, as it is a British Commonwealth country — will deliver the opening speech, Carney said.
“This is a historic honor which matches the weight of our times,” he emphasized.
“It clearly demonstrates the sovereignty of our country,” he said in a pointed reference to Trump’s ambitions to make Canada the 51st American state.
The ceremonial speech, which marks the opening of a new session of the Canadian Parliament and outlines the government’s goals, is usually delivered by the governor general, who is the King’s representative in the country.
