Thomas Hill
(Bloomberg) — Canada aims to double its exports to markets outside the United States by 2035, resulting in an additional $300 billion in net trade, Prime Minister Mark Carney said.
The former central bank governor announced the target in a rare prime-time television address on Wednesday evening ahead of the official budget due on November 4. Carney won Canada’s April election by promising to reform the economy to reduce dependence on the United States. The United States currently buys about 75% of Canada’s exports, but imposed punitive tariffs under President Donald Trump.
“Many of our former strengths – based on our close ties to the United States – have become our weaknesses,” Carney said in remarks prepared for a presentation to University of Ottawa students on Wednesday.
As evidence of achieving his trade goals, Carney touted the free trade agreement signed with Indonesia last month, as well as “foundational agreements” with the United Arab Emirates on artificial intelligence, the European Union on defence, and Germany on critical minerals.
“We are re-engaging with global giants India and China while deepening partnerships with traditional allies,” he added. The 60-year-old prime minister plans to meet other world leaders at the Association of Southeast Asian Nations and Asia-Pacific Economic Cooperation summits in the coming days.
The budget will involve “generational investments,” and he said Canada has the “fiscal capacity to take decisive action.”
–With help from Eric Herzberg.
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Bloomberg Budget 2025 Government Mark Carney Trade Relations Budget
Last modified: October 22, 2025
