According to Reuters, Bloomberg and other media reports, Canadian Prime Minister Carney said on Monday that the government's upcoming first budget will reduce Canada's dependence on the U.S. in the economic and security spheres and reduce wasteful spending, while promising to double Canada's exports to non-U.S. markets over the next decade, and is re-connecting with other countries.

¡°The process of decades of growing economic ties between the two countries has ended,¡± Carney said in a speech to students at the University of Ottawa that day, ¡°many of the advantages we gained from close ties with the United States in the past have now become our weak ribs.¡±

According to Reuters, Carney said that his government's first budget will take into account "fiscal austerity" and "large-scale investment" in an effort to protect the Canadian economy from "the crisis caused by a new round of protectionism in the United States".

With U.S. tariffs hurt Canada's steel, aluminum and automotive industries, Carney pledged to double Canada's exports to non-U.S. markets over the next decade, saying "this diversified effort will bring an additional $300 billion in revenue to Canada."

According to Bloomberg News, in order to prove that its trade goals are progressing steadily, Carney also highlighted the free trade agreement signed between Canada and Indonesia last month, as well as the cooperation and "basic agreements" reached with the United Arab Emirates in the field of artificial intelligence, the European Union in the field of defense, and Germany in the field of key minerals.

¡°While deepening our cooperation with our traditional allies, we are re-connecting with key global economies¡ªIndia and China,¡± Carney added, adding that he also plans to meet with other leaders at ASEAN Summit and APEC Summit in the coming days.

U.S. President Donald Trump said at a meeting with Carney at the White House on October 7 local time that the U.S. and Canada ¡°loved each other¡± but had a ¡°natural conflict¡±, he saw Canada as an economic competitor, and again mentioned the inclusion of Canada into the U.S. Canadian Broadcasting Company (CBC) on October 8 that although the two met in a good atmosphere, the two sides have not reached an agreement on tariffs. In the face of the U.S., Canada has recently said that it will not continue to impose more retaliatory tariffs on the U.S. Carney said last week that Canada was trying to reach an agreement to seek some relief for industries such as aluminum, steel and energy, ¡°now is the time to negotiate.¡±

As the trade conflict continues, pessimism about economic growth in Canada is rising. Bloomberg reported on the 20th that more than half of Canadians said they thought the economy would weaken in the next six months. Canadian policymakers said they spoke with exporters in the steel and aluminum sectors, who reported a "particularly weak outlook." The companies also said the tariffs "resulted in significant layoffs".

Reuters reported on the 21st that a government document showed that in the amendment to China's import surtax relief order in 2024, the Canadian Ministry of Finance granted tariff relief to some steel and aluminum products imported from China and not produced in Canada; At the same time, some U.S. steel and aluminum products are exempted from tariffs, which are mainly related to public health, national security, manufacturing, agriculture and food. Finance Canada has informed industry that the order goes into effect on October 15, with more details due on Nov. 5.