Investing.com -- Canadian Prime Minister Mark Carney discussed his plans for the Canadian economy and potential tariff responses during a speech in Winnipeg today. The discussions come as U.S. President Donald Trump is expected to announce new tariff measures after the market closes tomorrow.
Carney highlighted the need for Canada to adapt to changes in the U.S. economy, which is currently undergoing restructuring under President Trump. He vowed to reject any attempts to weaken Canada for the benefit of America.
In terms of strengthening the Canadian economy, Carney emphasized the creation of high-paying jobs, income growth, and resilience against external economic shocks. He also expressed his shared belief with the Liberal Party that the economy should serve everyone, stressing the need for a leader who can stand up to Trump while also protecting jobs and businesses.
Carney discussed measures to make life more affordable for Canadians under a new Liberal government. On his first day in office, he ended the consumer carbon tax, which took effect today. This move is expected to save some families up to CAD$800 in upfront costs, including gas and energy. He also mentioned the $10 a day childcare initiative, which is currently supporting 900,000 children and saving Canadian families up to CAD$10,000 per year.
If the election is won, Carney plans to introduce a middle-class tax cut, which could save the average two-income family up to CAD$825 per year. He also reiterated an ambitious housing plan announced yesterday, aiming to make Canada a leader in prefabricated and modular housing, as well as additional efforts to make Canadian housing more afforable.
Carney expressed his vision of unifying the 13 provincial economies into one Canadian economy and diversifying Canada's trading partners. He criticized his election rival, Conservative Party leader Pierre Poilievre, accusing him of prioritizing ideology over ideals and threatening to undo his new solutions as the election is rapidly approaching, scheduled for April 28.
Regarding the new tariffs to be announced by Trump on April 2, Carney said that comprehensive negotiations will begin after the Prime Minister is elected. He confirmed that Minister Dominic Leblanc has been in close contact with U.S. Commerce Secretary Howard Lutnick.
Carney also stated that Canada is prepared to respond to any additional U.S. tariff measures with retaliatory measures, but emphasized that his administration will ensure minimal impact on the Canadian economy.
