OTTAWA—Mark Carney, speaking to reporters in New Brunswick, warned that U.S. trade policy has undergone a complete and fundamental change, presenting a scenario “very different from anything Canada has handled before.”
Carney, the former Governor of the Bank of Canada, stated that the imposition of tariffs reflects a change in the interpretation of U.S. laws, pointing specifically to the U.S. effort to completely exclude Canadian forestry products.
“This is fundamentally a change in the rules, or the interpretation of the rules, by the United States,” Carney said, emphasizing the urgency for Canada to find new paths forward as quickly as possible.
He asserted that Canada will respond appropriately to these U.S. restrictions at the right time and in different ways. The nation must take several steps to improve its trade resilience. Key strategies include finding new markets for Canadian products domestically and internationally through diversification efforts. Carney stressed the importance of making Canadian products as distinct as possible and developing plans to enhance the domestic market. He concluded by expressing confidence that a “Buy Canadian” initiative would overcome current barriers to strengthening the domestic market.
