Carney convenes Canada-U.S. committee, warns tariffs slowing both global and Canadian economies

Prime Minister Mark Carney recently met with his Canada-U.S. committee in Ottawa to discuss the state of the global economy. Carney expressed concern about the slowing global economy and directed officials to prepare for negotiations with the Trump administration next month. He highlighted the impact of recent events, including China’s counter-tariffs on U.S. goods and a tightening in financial conditions, leading to signs of a global economic slowdown.

Carney suspended his campaign and returned to Ottawa to focus on Canada-U.S. relations and national security. Following a call with President Trump, both leaders agreed to negotiate a comprehensive new economic and security relationship if Carney wins the upcoming federal election. These discussions are set to begin in early May, with preparations already underway to ensure Canada is well-positioned for negotiations with the United States.

While Trump’s tariff policies have caused turmoil in global trade, Canada managed to avoid the most severe tariffs imposed on other countries. Despite this, the ongoing trade tensions between the U.S. and China continue to impact the global economy. Trump recently announced a 10% reciprocal tariff on goods from most countries, excluding Canada and Mexico. The temporary relief provided by Trump’s tariff rollback has eased some concerns, but uncertainty remains in the trade landscape.

Meanwhile, Conservative Leader Pierre Poilievre unveiled his “Canada First Economic Action Plan” aimed at boosting economic growth by $500 billion over the next five years. Poilievre’s plan includes initiatives to expedite natural resource projects, eliminate GST on new cars, address housing affordability, establish a national energy corridor, and introduce a reinvestment tax credit. He believes these measures will stimulate economic growth and strengthen Canada’s position in the face of economic challenges.

Poilievre emphasized that his economic plan will provide a significant boost to the Canadian economy, benefiting workers and fostering economic resilience against external pressures. He described the Canada First economic plan as a catalyst for economic growth, positioning Canada for success in the global economic landscape.