Canada-US
Carney says Canada must shift from US ‘reliance’ to economic ‘resilience’
Toronto: Canadian Prime Minister Mark Carney on Saturday said Canada must reduce its dependence on the United States and build a more resilient economy amid growing global instability and shifting trade dynamics.
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.
For a better and more just future, we must name plainly what is broken, say how we will replace it, and do the hard work of building.
— Mark Carney (@MarkJCarney) May 9, 2026
That’s what we focused on at the Global Progress Action Summit in Toronto. pic.twitter.com/agN0Xcef8q
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.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
