Canada PM Carney Plans Massive Shift Boosting Non-U.S. Exports to $300B

Prime Minister Mark Carney, elected in April 2025, is prioritizing a strategic shift in Canada’s economic policy to reduce reliance on the U.S. market, which currently buys about 75% of Canadian exports and has imposed tariffs under President Donald Trump. Carney has set an ambitious goal to double Canada's non-U.S. exports within the next decade, aiming to increase trade by C$300 billion by 2035. His upcoming federal budget, scheduled for November 4, will focus on austerity measures alongside significant investments, including a new climate competitiveness strategy, infrastructure projects, and a talent attraction immigration plan. Carney plans to balance the operating budget within three years while continuing to invest in capital spending to support sectors affected by U.S. protectionism. He emphasized a responsible, transparent approach to government spending cuts and investments during a televised speech to university students, underscoring the importance of preparing the younger generation for economic challenges ahead. The government will also engage opposition parties, as it requires their support or abstention to pass the budget in a minority parliament.