Canadian Prime Minister Mark Carney called for a new US-Canada partnership to support efforts to "make America great again." He focused on cooperation in aluminium, automobiles, and critical minerals sectors in his May 28 speech at the Economic Club of New York [1, 2, 3].

Carney described the integrated North American market as “the best and most durable way to confront intense global competition,” warning that ongoing US tariffs under the USMCA trade deal on steel and aluminium reach levels not seen since the 1930s Great Depression. He criticized the US tariff war for chilling investment between the countries [1, 4].

Addressing the need for diversification, Carney highlighted Canada’s plan to double exports outside the US over the next decade, aiming to reduce the country’s heavy dependence on the US market. Canada’s export share to the US dipped slightly from 76% in 2025 to 72%, indicating limited progress so far [1, 5, 4]. He said, "Canada strong will help make America great again" and called a strong and sovereign Canada a mutual benefit for both nations [1, 2].

Earlier this year, Carney visited China, achieving a "fundamental reset" in bilateral relations. He urged Beijing to accelerate international use of the Renminbi and negotiated a 200 billion RMB bilateral currency swap valid for five years to promote trade and financial cooperation [5, 6, 7]. Carney described the partnership as “more stable and constructive” [8].

Meanwhile, US trade officials were engaged in USMCA renegotiation talks with Mexico around May 28-29 but excluded Canada from initial discussions [5, 6]. On May 29, Chinese Foreign Minister Wang Yi visited Canada, continuing high-level diplomatic dialogue [8].

Canada has signed more than 20 economic and security agreements in the past year to diversify its trade relationships, though some sources note limited new formal trade agreements have been finalized [5, 6, 4]. Carney softened rhetoric toward the US compared to previous criticism of "American hegemony," praising US innovation and values [6].

Carney’s remarks on May 28 come as Canada seeks a balance between sustaining its crucial ties with the US and expanding trade beyond its southern neighbor amid growing global trade tensions.