Carney Gets Standing Ovation In New York After WARNING To Trump

[0:00] Today, Mark Carney walked into the heart of American finance and delivered a speech that [0:05] Donald Trump probably never wanted to hear. Standing before some of the most influential [0:11] business leaders in the United States, Carney made a simple argument. At a time when countries [0:17] and investors are searching for stability, predictability, and reliable partners, [0:24] Canada is increasingly becoming the answer. That is a remarkable message to deliver in New York, [0:32] because for years Donald Trump has tried to pressure Canada through tariffs, threats, and [0:38] economic uncertainty. Yet instead of showing weakness, Carney arrived in America's financial [0:44] capital to pitch Canada as one of the most attractive places in the world to invest, [0:50] grow, and do business. And by the end, Carney delivers a warning that completely flips the [0:57] usual Canada-US conversation on its head. A stronger Canada should not be a problem for America. [1:05] It may be exactly what America needs. So if you enjoy in-depth coverage of Mark Carney, [1:12] Donald Trump, Canada-US relations, and the major political and economic stories shaping Canada's [1:19] future, subscribe to Canada today, and let's get into it. [1:24] When I look back to those times, they were comparatively carefree days, [1:31] because the world is undergoing a rupture. And there's positives and challenges within this. [1:38] Led by the United States, technological change is accelerating at a pace we have not seen in our lifetime. [1:45] The U.S. is transforming all of its commercial relationships, as is its right. The world is [1:51] becoming more divided and dangerous. And Canada recognized these developments earlier than most, [1:59] and our response reflects the core lesson that we've taken from these tectonic shifts. Namely, [2:05] that is that we have to take care of ourselves and we have to be true to ourselves. Taking care of [2:11] ourselves means building our strength at home and diversifying our partnerships abroad. [2:16] The world is undergoing a rupture led by the United States. That was a remarkable opening. Because [2:23] Carney didn't pretend everything was normal. He openly exposed that the United States is [2:29] transforming the global order and forcing countries everywhere to rethink their future. But what stood [2:36] out most was his response. Not panic, not fear, preparation. While many countries were still trying [2:44] to figure out how to respond to Trump's America, Carney argued that Canada saw these changes coming early [2:52] and started adapting before everyone else. That is a direct challenge to the idea that Canada should [2:59] simply wait and react to Washington. So in our first year in government, we cut taxes on incomes, [3:05] on capital gains, on new business investments. We introduced something called the productivity super [3:10] deduction. What you need to know is it gives Canada the most competitive tax rate for new investment [3:16] in the G7. It's half the G7 average and four percentage points below that of the United States. We're in the [3:24] process of catalyzing one trillion dollars of investment in Canada over the course of the next five years [3:32] in energy, transportation, data and defense. We've launched our most significant regulatory reforms in [3:38] generations to fast track hundreds of billions of dollars of nation building infrastructure projects [3:44] and we're realizing our full potential as an energy superpower. By the end of this decade, Canada will [3:53] export nearly 50 million tons of LNG annually. By the end of the next decade, we will double that capacity. [4:00] We're advancing a potential pipeline that would carry at least a million barrels of low emission Alberta [4:06] oil per day to Asian markets while creating an entirely new industry of large-scale carbon capture and [4:13] storage. We're building right now the world's first operational small modular reactor in the G7 [4:20] while expanding our world-leading uranium production. In the past year, we have signed 56 [4:29] critical mineral agreements with more than 10 countries, unlocking more than 18 billion dollars in [4:35] capital while reducing dependence on foreign choke holes in that critical supply chain. We are doubling [4:43] our electricity grid. That's more than 160 gigawatts of new power building on the lowest cost power in the G7 [4:52] and the second lowest emission power in the OECD. That is what an energy superpower looks like when it decides [5:01] to really act as one. Now in parallel, we're diversifying our partnerships abroad. We've signed [5:09] more than 20 economic and security deals across five continents in the past 12 months. Canada is [5:16] becoming the best place to invest. This is where the speech became incredibly important. Remember where [5:24] Carney is standing. He's not in Toronto. He's not in Ottawa. He's in New York. And he's telling American [5:32] investors that Canada now offers some of the most competitive conditions in the developed world. Think [5:40] about that. Trump spent years trying to make Canada look vulnerable. Carney is standing in America's [5:47] financial capital arguing the exact opposite. That Canada is where the opportunities are. And we are making [5:55] progress because Canada has much of what the world needs and wants from energy to key aspects of aerospace, [6:04] cyber, AI, and quantum. Our pension funds are amongst, and some of them are here if you need money, [6:11] some are pension funds, although I'm not sure the economic club of New York needs money at him or has [6:17] money to, but our pension funds are amongst the most sophisticated infrastructure investors in the world [6:24] and our banks amongst the most resilient. And we're also making progress because our reputation [6:32] as a reliable, predictable partner has rarely been more valuable in a world where transactions are [6:39] replacing relationships. We're blessed with many commodities in Canada, but we have earned the most [6:45] valuable one, which is trust. Trust is Canada's most valuable commodity. That may have been the most [6:53] powerful line of the entire speech. We have earned trust. And honestly, in today's world, that is a direct [7:01] comparison. Because businesses can tolerate taxes. They can tolerate regulations. What they cannot [7:09] tolerate is uncertainty. Carney is telling the world that Canada offers something increasingly rare, [7:16] predictability. And investors notice that. Canada is projected to have the second fastest growth in the G7 [7:23] this year and next. We already have the strongest fiscal position in the G7. And we're reinforcing that [7:30] advantage by cutting 10% of the federal civil service, 20% of our spending on consultants, [7:36] and reducing the annual growth of operational spending from over 8% per year, which is where [7:42] it's been for the past 10 years, to less than 2%, which is where it's been since I came into government [7:47] and where it will stay. Non-US exports are up sharply. And we're on track to double them, which is our target [7:53] over the next decade. And foreign investment is now running at twice the rate of our nearest G7 [8:00] pier. In some measures, we are ranked as the most attractive country in the world for infrastructure [8:08] investment. Canada is the most attractive place for investment. This is where Carney moved from vision to [8:16] proof. Foreign investment rising, strong fiscal position, fast growth. These are the numbers he wants [8:26] investors to hear. Because speeches are one thing, results are another. And Carney is making the [8:33] argument that Canada's strategy is already producing results, while much of the world is still struggling [8:40] with uncertainty. The right response to these tectonic forces, the global rupture that I described at the [8:47] start, the right response today is clearer than it may feel. It's the same. In a crisis, fortune always [8:55] favors the bold. Canada got this early. We understood the world's change. We understand that nostalgia is [9:04] not a strategy. So we're focused on what we can control. And that means weaving a dense web of [9:10] international partnerships abroad. That's making us a much stronger, more resilient, more independent [9:18] country. Above all, as you would expect, we're focused on things that are good for Canada. This is good for [9:25] all Canadians. But it's also good for the United States because a stronger Canada is a better ally. [9:34] And we know, we know that while Canada and the United States have had our differences over the [9:42] centuries, we have always worked and eventually worked through them because we share values and our [9:50] common interests run deep. They run through our economies. Canada is America's largest customer. We buy more [9:59] goods from America than China. Nostalgia is not a strategy. This line has always hit hard because [10:06] without naming Donald Trump, Carney essentially rejected the politics of looking backwards. [10:13] His argument is simple. The world has changed. The economy has changed. The geopolitical landscape has [10:21] changed. And countries that spend their time trying to recreate the past risk missing the future. [10:28] This was one of the clearest philosophical differences we've seen between Carney's approach [10:34] and Trump's approach. Japan and Germany combined. Those common interests run through our supply chains, [10:41] where 70% of Canadian exports are inputs to American cars, homes, aircraft, machinery, finished goods, [10:48] creating hundreds and hundreds of billions of dollars of US value add. They run through our energy [10:54] energy partnership, where at a time of a global energy crisis, Canada provides the United States [11:00] with reliable power, with critical minerals that help fuel American growth. 99% of US natural gas imports, [11:09] 85% of electricity imports, 60% of crude oil imports. That is mutual strength. Let's be absolutely clear, [11:21] Canada Strong will help make America great again. Examples of where that's true are Legion, where we should work [11:30] together and compete with the world together. And to those ends, we have made specific practical proposals [11:38] to the US administration. Consider aluminum. It's basically electricity in an ingot. And Canadian exports to the United [11:48] States are the energy equivalent of 10 Hoover dams. With America's growing energy needs because of the incredible [11:56] transformation here, does it really make sense to build the gigawatts here needed to replace Canada? [12:03] On automobiles, Canada is far and away America's biggest customer. And an integrated North American market for [12:10] production is the best and most durable way to confront intense, truly intense global competition. [12:16] On critical minerals, with our endowments from potash, nickel, copper, uranium, lithium, [12:23] cobalt, beyond, Canada can be the most reliable supplier that America needs to put affordable food on the [12:29] table, strengthen national defense, and meet the exploding demand to power AI. So Alex is right. [12:38] We shouldn't underestimate the future. As the United States approaches its 250 birthday, happy birthday, [12:47] as the most in advance. As the most, but it approaches this moment as the most dynamic, [12:54] resilient, and inventive country the world has ever seen. As a country whose founding values of liberty, [13:01] democracy, justice, and openness should continue to serve as guides to its future and the future of the [13:06] world. That future should include a new partnership with Canada. A true partnership that reimagines cooperation [13:16] in specific sectors that are deeply challenged by global competition. A partnership with a different Canada. [13:23] A stronger Canada. A more confident Canada. A country that is applying the lessons from past crises. [13:29] A country unleashing its enormous potential. A country aggressively translating our belief [13:37] and openness into dozens of new partnerships. A country that's predictable, reliable, and principled in a world that's anything but. [13:45] Everything in this speech has been building toward this moment. Because after laying out Canada's strengths, [13:53] Canada's growth, Canada's investment story, and Canada's global partnerships, Carney now turns directly to [14:01] the relationship with the United States. And what follows may be the most important message of the entire event. [14:08] Not because he attacks America, but because he reminds America how much it still needs Canada. [14:16] What made this speech so important wasn't simply what Mark Carney said. It was where he said it. He delivered this message in New York, in the United States, in front of American business leaders. [14:29] At a moment when Donald Trump has spent months trying to pressure Canada economically and politically. [14:37] And instead of appearing weakened, Canada showed up with confidence. Throughout this speech, Carney presented a country that is attracting investment, building new partnerships, expanding its global reach, and preparing for a future where it is less dependent on any single country. [14:57] That is a very different Canada than the one many people expected to see a year ago. [15:05] And perhaps that is what makes this so uncomfortable for Trump. Because pressure only works when the other [15:12] side breaks. Canada didn't break. It adapted. And today in America's own financial capital, Mark Carney made the [15:21] case that Canada's future may be brighter because of that adaptation, not despite it. [15:28] If you enjoyed this breakdown, make sure to subscribe to Canada Today for more coverage of Mark Carney, Donald Trump, Canada-US relations, global politics, trade, investment, and the major stories shaping Canada's future. [15:46] Mr.