{"id":140119,"date":"2025-10-23T08:35:09","date_gmt":"2025-10-23T08:35:09","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/140119\/"},"modified":"2025-10-23T08:35:09","modified_gmt":"2025-10-23T08:35:09","slug":"canadas-carney-the-decades-long-process-of-economic-integration-with-the-us-is-over","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/140119\/","title":{"rendered":"Canada&#8217;s Carney: The decades-long process of economic integration with the US is over"},"content":{"rendered":"<p data-v-4026719d=\"\">Canadian Prime Minister Mark Carney is delivering a major speech ahead of his first budget to be <\/p>\n<ul data-v-4026719d=\"\">\n<li data-v-4026719d=\"\">The US has fundamentally changed its approach to trade<\/li>\n<li data-v-4026719d=\"\">It&#8217;s not a smooth transition, it&#8217;s a rupture<\/li>\n<li data-v-4026719d=\"\">The decades-long process of economic integration with the US is over<\/li>\n<li data-v-4026719d=\"\">Our relationship with the United States will never be the same<\/li>\n<li data-v-4026719d=\"\">Now is not the time to be cautious<\/li>\n<\/ul>\n<p data-v-4026719d=\"\">Carney reportedly met with opposition leader Pierre Poilivre earlier and described Carney&#8217;s proposals as \u201cvery reasonable&#8221; but called for lower deficits. Estimates for the deficit range from C$50-$100 billion. Canada&#8217;s debt is relatively manageable with deficits about half of those in the US vs GDP and total debt to GDP at about 42%.<\/p>\n<p data-v-4026719d=\"\">The budget is slated to be delivered November 4 and he said it will be about:<\/p>\n<ul data-v-4026719d=\"\">\n<li data-v-4026719d=\"\">Building<\/li>\n<li data-v-4026719d=\"\">Taking control<\/li>\n<li data-v-4026719d=\"\">Winning<\/li>\n<\/ul>\n<p data-v-4026719d=\"\">Carney said they will be making &#8216;generational investments&#8217;.<\/p>\n<ul data-v-4026719d=\"\">\n<li data-v-4026719d=\"\">There is no prosperity without security<\/li>\n<li data-v-4026719d=\"\">Promises largest defense spending in generations<\/li>\n<li data-v-4026719d=\"\">Mentions high-speed rail<\/li>\n<li data-v-4026719d=\"\">Our next tranche of major projects will be announced before Nov 16<\/li>\n<li data-v-4026719d=\"\">80% of European steel is manufactured in Europe but only 40% of the steel we use is made here<\/li>\n<li data-v-4026719d=\"\">Budget will include prioritizing Buy Canadian provisions on steel, aluminum and other industries<\/li>\n<li data-v-4026719d=\"\">We will be our own best customer<\/li>\n<li data-v-4026719d=\"\">Federal spending has risen 7% y\/y for the past decade<\/li>\n<li data-v-4026719d=\"\">We will have to do less of some of things we want to do<\/li>\n<li data-v-4026719d=\"\">Budget will protect critical programs that allow Canadians get ahead, cites dental care<\/li>\n<li data-v-4026719d=\"\">We will make the national school food program permanent and national childcare program<\/li>\n<li data-v-4026719d=\"\">Our economy is holding up but if we don&#8217;t act now, these pressure will grow<\/li>\n<li data-v-4026719d=\"\">We won&#8217;t transform our economy easily<\/li>\n<li data-v-4026719d=\"\">We will work relentlessly to cut waste and drive efficiency<\/li>\n<\/ul>\n<p data-v-4026719d=\"\">The speech has wrapped up but didn&#8217;t include much that we don&#8217;t already know. We&#8217;re getting the contours of an aluminum\/steel deal with the US as Canada cuts off foreign imports but gets back access to the US market in exchange. We&#8217;ll see if that&#8217;s with a 15%, down from 50%, or maybe even less. <\/p>\n<p data-v-4026719d=\"\">Otherwise, I think he&#8217;s laying the groundwork for running a very large deficit on infrastructure projects but overall these were very familiar themes.<\/p>\n","protected":false},"excerpt":{"rendered":"Canadian Prime Minister Mark Carney is delivering a major speech ahead of his first budget to be The&hellip;\n","protected":false},"author":2,"featured_media":140120,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[174],"tags":[79,179,18,19,17],"class_list":{"0":"post-140119","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-eire","11":"tag-ie","12":"tag-ireland"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/115422568393423940","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/140119","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=140119"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/140119\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/140120"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=140119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=140119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=140119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}