By Thomas Seal
(Bloomberg) — Prime Minister Mark Carney said Canada will aim to double its exports to markets outside the U.S. by 2035 to net an extra $300 billion in trade.
The former central banker announced the goal in a rare prime-time televised speech on Wednesday evening, ahead of a formal budget to be released on Nov. 4. Carney won Canada’s election in April after promising to reform the economy to make it less reliant on the U.S., the world’s largest economy, which currently buys about 75% of Canadian exports but has imposed punishing tariffs under President Donald Trump.
“Many of our former strengths — based on close ties to America — have become our vulnerabilities,” Carney said in prepared remarks for a speech to students at the University of Ottawa on Wednesday.
As evidence of the work toward his trade objective, Carney touted a free trade agreement signed last month with Indonesia, as well as “foundational agreements” with the United Arab Emirates on artificial intelligence, with the European Union on defense, and with Germany on critical minerals.
“And we are re-engaging with the global giants India and China while we deepen our partnerships with traditional allies,” he added. The prime minister, 60, is scheduled to meet other world leaders in the coming days at the Association of Southeast Asian Nations and Asia-Pacific Economic Cooperation summits.
The budget will be about “generational investments,” and he said Canada has “fiscal capacity to act decisively.”
–With assistance from Erik Hertzberg.
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Last modified: October 22, 2025