Canadian Prime Minister Mark Carney set a goal for the country to double its non-U.S. exports over the next decade as a result of American tariffs.
Carney said the tariffs from its once close trade partner is causing a chill in investment, and that former strengths such as the country’s closeness to the U.S. are now a vulnerability, according to an Associated Press report.
Tariffs have taken a toll on Canada’s aluminum, steel, auto and lumber industries. More than 75% of Canada’s exports go to the U.S., and the country is now negotiating with India and China.
Canada is also a top export for 36 U.S. states, with nearly $3.6 billion in goods and services going to the northern neighbor.
Canada’s free trade deal with the U.S. is up for review in 2026.
About 60% of U.S. crude oil imports are from Canada, as well as 85% of U.S. electricity imports.
Canada is also the largest foreign supplier of steel, aluminum and uranium to the U.S. and has 34 critical minerals and metals that the Pentagon would like to invest in.
