Carney says Canada must shift from US ‘reliance’ to economic ‘resilience’

Speaking at the Global Progress Action Summit in Toronto, Carney said Canada’s long-standing economic reliance on the US had become a "vulnerability" in what he described as an era of tariffs, geopolitical tensions and fractured alliances.

"For decades, our proximity to the world’s largest economy was our greatest strength," Carney said during the summit’s closing address. "Today, that reliance has become a vulnerability.”

The summit, co-hosted by Canada 2020 and the Center for American Progress Action Fund, brought together progressive political leaders and policymakers from several countries, including former US President Barack Obama.

Carney used the speech to outline his government’s economic agenda, including plans to expand domestic industrial capacity and increase investment in strategic sectors such as critical minerals, clean energy and artificial intelligence.

He also highlighted the government’s proposed sovereign wealth fund, which he said would support long-term infrastructure and industrial projects aimed at strengthening Canada’s economic independence.

While advocating for greater self-reliance, Carney said Canada would continue to pursue targeted economic cooperation with the United States and Mexico, particularly in energy and supply-chain sectors.

The prime minister said his government is also preparing a national artificial intelligence strategy focused on developing what he called "safe and sovereign" domestic technology.