Posted by Chinenye on Thu 05th Nov, 2026 - tori.ng
Canada wants to start doing more business with other countries instead of depending mostly on America.
(Prime Minister Mark Carney. Photo by AL Jazeera)
Canada is about to present a budget that aims to reduce its heavy dependence on the United States.
Prime Minister Mark Carney says the easy, tariff free trade with America is gone for good, so Canada needs new trade partners fast.
He has named this, his second budget since taking office last year, Masters of Our Destiny.
Finance Minister Francois Philippe Champagne will present the budget to parliament.
He says the goal is to change how Canada grows its economy, by doing more business at home and trading with more countries.
Philippe stated that Canada will be stronger and more independent, no matter what happens in the US or the rest of the world.
The plan comes after Donald Trump's tariffs hit Canada hard.
His Republican Party lost badly in the midterm elections, and Democrats will control both the House and the Senate next year.
Democrats have criticised the tariffs and say they want to end them.
However, tariff talks will be held with the White House, not Congress, so Canada is keeping its focus on finding other markets.
Both leaders have recently sounded hopeful about a trade deal.
But similar hopes in August fell apart, so nothing is certain yet.
The budget will fund big national projects, including energy infrastructure and mining for key minerals.
It will also support workers who have lost jobs because of tariffs in the car and steel industries.
The deficit is expected to be smaller than the forecast of about 78.3 billion Canadian dollars, or 56.3 billion US dollars, from last year's budget.
Experts say how well the plan works will depend on whether tariffs lead to more job losses.
Meanwhile, the Bank of Canada raised interest rates last month for the first time in three years.
It did this to bring down inflation driven by high energy prices linked to the Iran war.
Budget bills in Canada are confidence votes.
Carney's government needed opposition support to survive last year, but his Liberals now have a majority in parliament.