New PM eyes 'the biggest transformation of our economy since the end of the Second World War'
Newly-elected Prime Minister Mark Carney spoke publicly for the first time today, focusing on his new government’s priorities to negotiate a deal to address US President Donald Trump’s tariff policy while also increasing internal trade and diversifying the nation’s international trading partners.
Carney’s Liberal Party formed a minority government after its April 28 election victory, beating out Conservative leader Pierre Poilievre in a short election campaign dominated by Trump’s threats and affordability concerns.
The former central banker dubbed his new plans to fix an ailing Canadian economy “the biggest transformation of our economy since the end of the Second World War.”
After winning the Liberal’s leadership race in early March, Carney pitched himself as the right person to deal with Trump’s economic and military threats. Throughout the month-long campaign, Carney spoke frequently about the drastic changes needed in the Canadian economy, suggesting that the decades-long relationship between the US and Canada is now undeniably in the past. He referenced a “constructive” phone call on Tuesday with Trump and suggested negotiations will continue in the coming weeks.
“Our old relationship based on steadily increasing integration is over. The questions now are how our nations will cooperate in the future, and where we in Canada will move on,” he said. “My government will fight to get the best deal for Canada. We will take all the time necessary, but not more in order to do so.”
Major infrastructure plans were a theme in both main parties’ platforms, with oil and gas pipelines and critical mineral extraction both seen as avenues to boost the Canadian economy and diversify away from US markets. He says his new government will be a “catalyst” for new infrastructure projects, a marked shift from his predecessor Justin Trudeau’s government, which was heavily criticized for policies perceived to add unnecessary red tape to new projects.
“We will work with provinces, territories and Indigenous groups to identify projects that are in the national interest – projects that will connect Canada, deepen our ties with the world and grow our economy for generations,” he said.
As relations between Canada and the US continue to deteriorate, Carney says he is looking at global trading partners to diversify the nation’s historic reliance on the US economy. Carney’s first official foreign trip was to the UK and France, while he has also outlined Asian countries like Japan and South Korea as potential trade partners to soften the blow of Trump’s tariff policy.
“We will strengthen our relationships with reliable trading partners and allies,” he said. “Canada has what the world needs, and we uphold the values the world respects.”
He also outlined plans to dismantle interprovincial trade barriers, a plan which has gained increasing support since the implementation of US President Donald Trump’s tariff policies.
“We will remove federal barriers to internal trade by July 1 to help unleash the full potential of Canada,” he said.
A middle-class tax cut was mentioned by Carney, who says the cuts will result in up to $825 dollars annually in savings for two-income families. According to Carney, this initiative will be in effect by Canada Day as well.
