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Canada PM: Will Double Non-US Exports 10/23 06:26
TORONTO (AP) -- Prime Minister Mark Carney set a goal for Canada to double
its non-U.S. exports in the next decade, saying American tariffs are causing a
chill in investment.
Carney, who will release his government's budget on Nov. 4, said Wednesday
many of Canada's former strengths -- based on close ties to America -- have
become vulnerabilities.
"The jobs of workers in our industries most affected by U.S. tariffs --
autos, steel, lumber -- are under threat. Our businesses are holding back
investments, restrained by the pall of uncertainty that is hanging over all of
us," Carney said.
U.S. President Donald Trump has been threatening Canada's economy and
sovereignty with tariffs, most offensively by claiming Canada could be "the
51st state."
Carney reiterated in an evening address to Canadians that the decades-long
process of an ever-closer economic relationship between the Canadian and U.S.
economies is now over.
"The U.S. has fundamentally changed its approach to trade, raising its
tariffs to levels last seen during the Great Depression," Carney said.
"We have to take care of ourselves because we can't rely on one foreign
partner."
Tensions between the neighbors and longtime allies have eased slightly in
recent months as Carney tries to get a trade deal with Trump, but tariffs are
taking a toll, particularly in the aluminum, steel, auto and lumber sectors.
More than 75% of Canada's exports go to the U.S.
"We are re-engaging with the global giants India and China," he said.
Canada is the top export destination for 36 U.S. states. Nearly $3.6 billion
Canadian (US$2.7 billion) worth of goods and services cross the border daily.
Canada's free trade deal with the U.S. is up for review in 2026.
Carney called Canada an "energy superpower" and said the country has third
largest reserves of oil and the fourth largest reserves of natural gas in the
world.
About 60% of U.S. crude oil imports are from Canada, and 85% of U.S.
electricity imports are from Canada.
Canada is also the largest foreign supplier of steel, aluminum and uranium
to the U.S. and has 34 critical minerals and metals that the Pentagon is eager
for and investing in for national security.
"I will always be straight about the challenges we have to face and the
choices we must make," Carney said. "To be clear, we won't transform our
economy easily or in a few months -- it will take some sacrifices and some
time."
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