MONTREAL: Prime Minister Mark Carney has launched an ambitious economic plan to counter the impact of President Donald Trump’s trade policies on Canada.
Carney’s “Build, baby, build” strategy includes a new Major Projects Office to fast-track the construction of ports, highways, mines, and a potential oil pipeline.
The office was established after the Liberal government secured cross-party support for legislation to accelerate nation-building projects.
“We are moving at a speed not seen in generations,“ Carney stated, emphasising the urgency required as Trump reshapes the global economy.
Trump’s tariffs on autos, steel, and aluminium have severely impacted these crucial Canadian sectors, leading to significant job losses.
Canada’s unemployment rate reached 7.1% in August, the highest level since 2016 outside of the pandemic period.
RBC senior economist Claire Fan confirmed that this data adds to evidence that the trade war is taking its toll on Canadian labour markets.
Carney has insisted Canada must break its decades-long reliance on US trade by revitalising internal commerce while pursuing new markets in Europe and Asia.
During a recent visit to Germany, Carney announced his government was unleashing half a trillion dollars of investment in energy and port infrastructure.
Energy expert Jay Khosla noted that this building momentum would not have been possible without the threat posed by Trump’s policies.
“We know our economy is in peril,“ Khosla said, noting Canada was effectively captured economically because of its closeness to the United States.
Canada ranks as the world’s fourth largest oil exporter with the third largest crude reserves, mostly located in Alberta.
The country lacks sufficient infrastructure to efficiently export energy products to markets beyond the United States.
In a shift from his predecessor Justin Trudeau’s climate-focused approach, Carney’s government now supports exporting liquefied natural gas to Europe.
Energy Minister Tim Hodgson confirmed that German LNG buyers have expressed strong demand for Canadian products.
Carney has repeatedly stated that Canada can become an energy superpower despite opposition from environmental groups.
Greenpeace has accused the prime minister of backing climate-wrecking infrastructure while ignoring clean energy alternatives.
Indigenous leaders have expressed concerns about the environmental impact of these rapid development projects.
National Chief of the Assembly of First Nations Cindy Woodhouse cautioned against implementing Trump-like policies in Canada.
“Let’s take the time and do things properly,“ Woodhouse stated, emphasising the need for proper consultation and environmental safeguards. – AFP
