Carney Says Canada Will Emerge Stronger From US Trade War

Canadian Prime Minister Mark Carney said on Tuesday that Canada aims to come out of its trade war with the United States as a more resilient and independent economy, and that any future cooperation with Washington must rest on respect for sovereignty.

Speaking to hundreds of global investors in Toronto at his Canada Investment Summit, Carney said the two countries would always be neighbours, but that the relationship functions best when they act as true partners who respect each other's traditions and sovereignty. He said that when opportunities return, Canada will be an even better partner — stronger, more resilient and more independent.

Carney also announced that Ottawa will seek private investment through long-term concessions to operate Canada's four largest airports, while keeping public ownership of the land and assets. He said the plan could raise tens of billions of dollars to be reinvested in transportation and other infrastructure.

Without naming U.S. President Donald Trump, Carney criticised the increasingly transactional and zero-sum approach to international economic relationships that has marked Trump's trade policies. He said Canada's reputation as a reliable, predictable partner has rarely been more valuable in a world where transactions are replacing relationships and zero-sum is favoured over win-win.

Carney argued that economic integration and national sovereignty are increasingly in tension, and that countries seeking to preserve their independence need to work more closely with like-minded partners. He was scheduled to travel to Europe later on Tuesday to address the European Parliament.

Trump has repeatedly used tariffs to pressure trading partners and has pushed manufacturers to shift production and investment south of the Canadian border. Carney noted that about 80% of trade with the U.S. remains tariff-free, and said a mutually beneficial arrangement is possible. Speaking in a fireside chat after his speech, he said Canada will be ready to strike a deal when the time is right.

Trade talks between Canada and the United States collapsed last month before Washington imposed 50% tariffs on about $20 billion in Canadian goods, prompting retaliation from Ottawa. The United States has since announced additional restrictions on Canadian products.