Mark Carney’s election as Prime Minister of Canada carries considerable global weight, positioning him as a prominent figure representing an alternative school of economic thought on the world stage—in stark contrast to the current U.S. administration.
There had been speculation that Carney might swiftly seek reconciliation with President Trump following the election. However, such expectations have not materialized.
In the closing days of the campaign, during his victory address in Ottawa, as well as in his interview with this publication, Carney signaled his intention to maintain the course that led to his electoral success, with a parliamentary majority still within reach. Even if Carney falls just short of an outright majority, two rival party leaders have lost their seats, increasing the likelihood of a united approach to key issues, especially pertaining to U.S.-Canada relations.
At the heart of Carney’s stance lies a firm belief that recent U.S. policies are misguided, ultimately harming American interests, businesses, and consumers. The White House’s targeting of Amazon over “hostile acts” regarding tariffs epitomizes this view. Many in Carney’s camp argue that such actions are counterproductive for the U.S. itself.
Notably, outspoken Carney critic Jordan Peterson commented on the Joe Rogan podcast that, “once Carney is elected, Trump will not face a more experienced adversary in the West. Carney enjoys extensive connections, particularly across Europe and the UK.”
While the term “enemy” may be an overstatement, Peterson’s assessment underlines Carney’s sophisticated grasp of the interplay between markets and media. As Prime Minister, Carney has already announced a review of major defense procurements and U.S. debt holdings, calculated to send an unmistakable message south of the border.
Canada’s economic exposure remains significant, with three quarters of its exports destined for the United States. Any escalation in tariffs thus presents serious risks for the Canadian economy—challenges that cannot be ignored.
Carney’s response throughout the campaign has been to recognize the reality of America’s pivot and to accelerate efforts to diversify Canada’s trade and economic relationships. A credible strategy in this direction could encourage U.S. stakeholders to reconsider the present approach to tariffs.
Carney emphasized in our conversation that he feels no obligation to immediately visit the White House or Mar-a-Lago.
“We want a partnership defined on our terms. There is mutual benefit to be found, but our conditions must be respected,” he said.
Key to Carney’s agenda is the development of new strategic alliances—most notably with Europe and the United Kingdom. He remarked that a long-delayed Canada-UK free trade agreement could now be revived, while collaboration in defense and critical minerals is high on the agenda. He also dismissed Trump’s reported territorial ambitions, extending beyond Canada to areas such as Greenland and Panama.
On the campaign trail in Edmonton, Carney declared that “America’s leadership in the global economy is finished”—calling it a “tragedy”—and implied that he and Canada, alongside G7 partners, intend to assert greater leadership.
In a remarkable twist of fate, Carney will chair the G7 Summit in Alberta this June, coinciding with the looming expiration of President Trump’s “reciprocal” tariffs pause. Whether Trump himself attends remains a subject of much interest.
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