Open account

Carney Brands US Ties 'Weakness' Amid Depression-Era Tariffs, Pledges C$1T Plan

Canada's PM Mark Carney, after securing a majority government, warned in a 10-minute video that surging US tariffs—at Great Depression levels—on autos, steel, and lumber have made deep US ties a strategic weakness, slowing investment. He unveiled the C$1 trillion 'Canada Strong' plan to diversify trade, build energy corridors, double clean-energy capacity, cut taxes, and boost defense ahead of July's NAFTA review. A February US Supreme Court ruling now allows tariff refunds from Monday, but policy friction pressures CAD lower short-term (higher US Dollar vs Canadian Dollar), with diversification eyeing long-term strength. (98 words)

Category

USD/CAD

Sentiment

Bearish

Event

Policy impact

Reading time

1 min