Carney warns of ‘tough days ahead’ as tariffs make U.S. recession ‘likely’
The recent round of tariffs imposed by Donald Trump has already begun to impact the global economy, with Liberal Leader Mark Carney warning of potential pressure on Canada’s employment levels. The announcement of new tariffs on imports into the United States, as well as the initiation of a 25 percent levy on all foreign-made vehicles, has raised concerns about the future of Canada’s economy.
During a campaign stop in Oakville, Ont., Carney expressed his concerns about the potential impact of these tariffs on employment in the country. He highlighted the vulnerability of communities like Oakville, where Ford Motor Co. is a major employer. Carney also mentioned the government’s recent changes to employment insurance eligibility, which includes waiving the one-week waiting period for workers who lose their jobs due to the tariffs.
Carney reiterated his pledge that a re-elected Liberal government would work towards building a stronger economy less reliant on the United States. However, he acknowledged that these actions may not fully offset the financial impact of the tariffs. He cautioned that tough days are ahead, as evidenced by the dramatic moves in the financial markets and the looming possibility of a U.S. recession.
Drawing parallels to the United Kingdom’s withdrawal from the European Union, Carney emphasized the need for preparedness in the face of economic challenges. He stated that he has seen similar situations unfold before and predicted that the Americans would become weaker as a result.
Other party leaders also weighed in on the issue, with Conservative Leader Pierre Poilievre suggesting that Trump’s preference for dealing with liberals over conservatives indicates a desire for a weaker Canada. Poilievre vowed to strengthen the economy by fast-tracking natural resource projects if elected.
Meanwhile, NDP Leader Jagmeet Singh emphasized the importance of unity in response to the tariffs, pledging to continue fighting for Canadians. He criticized his opponents for proposing spending cuts, stating that uplifting and supporting each other is the way forward.
The Bloc Québécois focused on keeping jobs in Quebec, with leader Yves-François Blanchet promising to make it harder for foreign companies to buy Quebec businesses. This commitment reflects the party’s dedication to preserving local jobs and economic interests.
As Canada navigates the challenges posed by Trump’s tariffs, political leaders are striving to protect the country’s economy and ensure a resilient future for all Canadians.
