Canada is about to shock US President Donald Trump and his entire administration with a massive infrastructure build-up aimed at defying the tariffs and reducing over-reliance on the United States.
The Canadian government has been building ports, rail networks, and roads to move away from the United States as a major trading partner. President Mark Carney even mocked Trump in late April when the US was in the planning stages of slapping tariffs on its major trade partners.
"Build, baby, build!" Carney spoke to a jubilant crowd of Liberal Party supporters in April in response to Donald Trump’s proposed tariffs. Carney said his government was building what he referred to as a "Major Projects Office" and spearheading the construction of ports, highways, mines, and perhaps a new oil pipeline to reduce the country's over-reliance on the United States.
He said, "We are moving at a speed not seen in generations," adding a level of urgency he argues is required as Trump reshapes the global economy. While Donald Trump’s mocking threats to annex Canada as the 51st state of America have eased, the trade tariffs are still hurting its economy.
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Trump’s tariffs led to job losses in the critical manufacturing sector, including autos, steel and aluminium.
That "adds to evidence that the trade war is taking its toll on Canadian labour markets," RBC senior economist Claire Fan said this week.
Carney said he understands his country was going through tough times, yet he believes Canada has all the resources to rebound and establish its image as a major energy and oil exporter in the world. Canada is the world's fourth-largest oil exporter, and its crude reserves are the world's third-largest. Carney believes Canada can be the “next big energy superpower”.
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