Prime Minister Mark Carney has set a goal to double Canada’s non-U.S. exports within the next decade, saying that rising American tariffs are undermining investment and threatening Canadian jobs.

Speaking ahead of his government’s budget release on November 4, Carney said Wednesday that Canada’s long-standing economic dependence on the United States has turned from a strength into a vulnerability.

“The jobs of workers in our industries most affected by U.S. tariffs — autos, steel, lumber — are under threat. Our businesses are holding back investments, restrained by the pall of uncertainty that is hanging over all of us,” Carney said.

U.S. President Donald Trump has imposed tariffs on several Canadian sectors and recently claimed Canada could become “the 51st state,” remarks that have further strained relations between the two neighbors.

In a televised address, Carney said the decades-long process of deepening economic ties between Ottawa and Washington has effectively ended.

“The U.S. has fundamentally changed its approach to trade, raising its tariffs to levels last seen during the Great Depression,” he said. “We have to take care of ourselves because we can’t rely on one foreign partner.”

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While tensions have eased slightly as Carney pursues a new trade deal with Washington, tariffs continue to hit key industries such as steel, aluminum, autos, and lumber. More than 75% of Canada’s exports currently go to the United States.

Carney said Canada is “re-engaging with the global giants India and China” in an effort to diversify its trade.

Canada remains a vital supplier of energy and resources to the U.S., providing 60% of its crude oil imports, 85% of its electricity imports, and large shares of steel, aluminum, and uranium. The country also holds 34 critical minerals and metals sought by the Pentagon for national security.

“Canada is an energy superpower,” Carney said, noting the country’s third-largest oil reserves and fourth-largest natural gas reserves globally.

The 2026 review of the Canada-U.S. free trade agreement is expected to further test the economic relationship between the two allies.

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“I will always be straight about the challenges we have to face and the choices we must make,” Carney said. “To be clear, we won’t transform our economy easily or in a few months — it will take some sacrifices and some time.”

Source: AP