Mark Carney, former Bank of England governor and current front-runner to become Canada’s next prime minister, says he has “learned a lot” from U.S. President Donald Trump—particularly when it comes to trade leverage and negotiating power. In a wide-ranging interview ahead of the next federal election campaign, Carney spoke candidly about how Canada needs to reset its approach to economic policy, trade sovereignty, energy strategy, and its relationship with the United States.
Carney, who is expected to lead Canada’s Liberal Party after Prime Minister Justin Trudeau steps down, outlined a bold and increasingly nationalist economic vision. He warned that Canada cannot afford to be “a branch-plant economy for Washington” nor passive in the face of American protectionism.
“I’ve learned lots of things from Donald Trump,” Carney said. “He understood that countries must use their leverage. If you don’t stand up for your own workers, supply chains and national industries, nobody is going to do it for you.”
A Shift Toward Economic Nationalism
Carney’s comments reflect a broader transformation in Canadian politics: a rejection of the old globalist, diplomacy-first approach in favor of strategic economic assertiveness. He criticized previous governments—Conservative and Liberal alike—for assuming the U.S. would always respect Canada’s economic interests.
“We have been too polite, too slow, and too trusting,” Carney said. “If America is now putting America first, then Canada must put Canada first.”
He said he would be willing to renegotiate parts of USMCA, the North American trade agreement, to include “new protections for critical minerals, clean industrial manufacturing, automotive innovation, and AI supply chains.”
Carney suggested using Canadian market access as bargaining leverage—echoing Trump’s negotiating playbook. “This isn’t about making threats,” he said. “It’s about understanding power and using it responsibly.”
Balancing Oil Wealth and Climate Ambitions
Long seen as a leading advocate for climate policy, Carney dismissed criticism that his transition to politics would force him to choose between environmental policy and energy growth.
“Let’s end this false choice,” he said. “Canada can lead on clean energy and remain a major oil-producing nation during the transition.”
Carney is pushing a “Canadian Clean Industrial Strategy” built on three pillars:
| Policy Objective | Economic Role |
|---|---|
| Expand LNG and hydrogen exports | Compete with U.S. and Qatar |
| Scale clean manufacturing | Electric vehicles, batteries, AI robotics |
| Monetize carbon advantage | Attract climate investment using carbon pricing leverage |
But he made clear he will defend Canada’s oil workers more aggressively than past Liberal governments.
“I don’t accept the idea that Canada should apologize for producing energy. Oil will still be part of the global mix for decades. Better to produce it in Canada—under rule of law, environmental standards, labor rights—than leave the world dependent on Russia or Iran.”
Standing Up to U.S. Energy Pressure
Carney said Washington has repeatedly pressured Ottawa to align energy policy with American interests, particularly regarding pipeline approvals, critical mineral exports, and LNG projects.
“If we’re serious about sovereignty, we cannot allow U.S. political cycles or lobbyists in Texas to dictate Canadian energy policy.”
Carney pointed to Trump’s threat to impose energy tariffs on Canada during NAFTA renegotiations as a turning point. “That was the moment many of us realized Canada needs a tougher doctrine on economic security,” he said.
The China Question: Strategic Rival, Necessary Partner
Carney’s foreign policy philosophy breaks with Trudeau’s passive approach to China and Conservative leader Pierre Poilievre’s hard isolationist tone. He calls China a “strategic rival but unavoidable economic reality.”
He outlined a doctrine of “selective economic engagement”:
- Decouple from China in critical sectors like AI, telecommunications, defense tech, and semiconductors.
- Compete with China in Africa, Latin America, and Southeast Asia.
- Trade with China in agriculture, consumer goods, and metals—under stricter security regulations.
“We don’t win by pretending China doesn’t exist. We win by shaping the terms of engagement,” Carney said.
Canada Can’t Keep “Outsourcing Leadership” to the U.S.
Carney warned that Canada cannot rely on the U.S. to secure Atlantic shipping routes, regulate AI, defend Arctic sovereignty, or control foreign political interference.
“For too long we outsourced our strategic thinking to Washington and London. That era is over. If we wait for the U.S. to lead, we will fall behind.”
He proposed:
| Strategic Goal | Policy Proposal |
|---|---|
| Arctic sovereignty | New naval build-up, Arctic defense treaty with Norway and Finland |
| AI and cybersecurity | Canadian AI Security Agency |
| Defense modernization | 2% of GDP defense spending target |
| Foreign interference | Strict anti-lobbying and election transparency laws |
Economic Vision: “Build in Canada Again”
Carney says his economic mission is simple: “We’re going to build in Canada again.” His industrial strategy includes:
- Tax credits for domestic manufacturing
- National AI and robotics investment fund
- Defense manufacturing incentives
- Critical mineral supply chain partnerships with Japan, Germany, South Korea
He criticized Pierre Poilievre for offering “anger without a plan” and Trudeau’s Liberals for “promises without delivery.”
“Canada needs a serious economic prime minister. The era of performance politics is over.”
Lessons from Trump—But Not His Politics
Carney reiterated that while he rejects Trump’s political style, he believes Trump exposed important truths about national economic strategy.
“Like it or not, Trump reset how the world thinks about trade negotiations and sovereignty. The lesson is not to imitate him politically—but to understand why millions supported him. People want leaders who defend national interests.”
Final Outlook: A Coming Economic Realignment
With Canada heading toward what may be one of the most consequential elections in decades, Carney appears ready to position himself at the center of a global ideological shift—toward economic sovereignty, industrial strategy, and strategic realism.
He ended with a warning:
“History won’t wait for Canada. The U.S. is moving. Europe is moving. China is moving. Either we act—or we become irrelevant.”
