Mark Carney now says Canada can help ‘make America great again’ — a reversal from defiance as Canada’s economy shrinks Moneywise and Yahoo Finance LLC may earn commission or revenue through links in the content below.
While the friction between the U.S. and Canada might seem to be cooling, veteran investors, scarred by past tariff skirmishes (1), are well aware that cross-border alliances can turn on a dime
Carney once argued (2) that Canada’s deep economic integration with the U.S. had created vulnerabilities and called for “middle powers” to unite and work together. Speaking at the Economic Club (3) of New York in late May, he struck a different tone, declaring that a “Canada Strong” would help “make America great again.” Top Picks These comments land at a critical moment for North American trade. Looming over the market is the July 1 deadline, the day the United States, Canada and Mexico must decide whether to renew the United States-Mexico-Canada Agreement (USMCA) for another 16 years.
The USMCA (4) currently guarantees $1.8 trillion in trilateral, tariff-free trade as of 2022. But according to the CSIS’s March 2026 brief (5), USMCA Review 2026: Six Scenarios for North America’s Future, the upcoming assessment has cast a “cloud of sustained uncertainty that discourages long-term investment bets.” Carney has a more optimistic perspective, despite the trade tensions that defined 2025. “We know that while Canada and the United States have had our differences over the centuries, we have always worked and eventually work through them because we share values and our common interests run deep,” Carney said. North America’s manufacturing relies on highly connected supply chains (6), with some items crossing borders up to eight times (7) before hitting shelves.