Mark Carney hopes to redirect Canada’s economy around Donald Trump
· World · Hindustan Times, The Economist, economist
Canadian Prime Minister Mark Carney is actively reorienting the national economy to mitigate the impact of intense trade friction with the United States. Following a series of American trade actions that the Bank of Canada estimates will reduce GDP by 1.5% by the end of 2026, Carney has implemented counter-tariffs and expanded trade efforts in Europe and Asia. During a recent investment summit in Toronto, he announced C$36 billion in corporate tax breaks over five years and proposed the privatization of four major Canadian airports. While exports to the European Union grew by C$9.5 billion in 2025, sales to the US declined by C$26.3 billion. The government reports that the summit secured C$500 billion in investment commitments, though the timeline for these funds remains undisclosed.
Why it matters
The shift aims to protect Canadian jobs and economic stability from the volatility of US trade policies, directly impacting global firms like BlackRock and Blackstone that are now navigating the strained bilateral relationship.
Read the original report — Hindustan Times
Join us on Telegram
Breaking news the moment it lands. At 10,000 members we ship the Android app.