April 19, 2026 — In a nearly 10-minute video address Sunday, Canadian Prime Minister Mark Carney said Canada’s long-standing economic reliance on the United States, once a source of strength, has turned into a strategic vulnerability that must be corrected.
Carney outlined a plan to diversify Canada’s trade and investment links, pursue deals beyond the U.S. and attract fresh capital at home. He warned the global environment is “more dangerous and divided” and accused the U.S. of shifting its trade posture, raising tariffs to levels not seen since the Great Depression.
He blamed recent job losses in auto and steel for tariffs imposed by President Trump and said companies are postponing investment because of “the pall of uncertainty” created by those policies. Carney also referenced public anger over Mr. Trump’s suggestion that Canada become a “51st state.”
Promising regular updates on his government’s progress, Carney said Canadians must face realities rather than downplay risks. “Security can’t be achieved by ignoring the obvious,” he said, adding he will not sugarcoat the challenges.
A former governor of both the Bank of Canada and the Bank of England, Carney has repeatedly warned about shifts in the global balance of power. His January Davos speech criticizing economic coercion by great powers drew international praise and prompted a sharp rebuttal from Mr. Trump, who said the United States makes Canada prosperous.
Carney’s remarks come after his party secured a majority government following special election gains and amid pressure from opposition Conservatives to finalize a U.S. trade deal he campaigned on. A scheduled review of the North American trade pact involving Canada, the U.S. and Mexico is set for July.
He set out several policy priorities: attracting investment, doubling clean energy capacity, lowering internal trade barriers, boosting defense spending, cutting taxes and improving housing affordability. Carney said Canada must reduce dependence on a single foreign partner and build resilience to international disruptions.
“We can control what happens here,” he said, arguing that hoping for a return to previous U.S. policies is not a strategy. “Hope isn’t a plan and nostalgia is not a strategy,” Carney added, urging Canadians to reclaim control over their security, borders and future in light of changing U.S. behavior.