Canada’s Carney: The decades-long process of economic integration with the US is over

Canadian Prime Minister Mark Carney is delivering a major speech ahead of his first budget to be

• The US has fundamentally changed its approach to trade
• It’s not a smooth transition, it’s a rupture
• The decades-long process of economic integration with the US is over
• Our relationship with the United States will never be the same
• Now is not the time to be cautious

Carney reportedly met with opposition leader Pierre Poilivre earlier and described Carney’s proposals as “very reasonable” but called for lower deficits. Estimates for the deficit range from C$50-$100 billion. Canada’s debt is relatively manageable with deficits about half of those in the US vs GDP and total debt to GDP at about 42%.

The budget is slated to be delivered November 4 and he said it will be about:

• Building
• Taking control
• Winning

Carney said they will be making ‘generational investments’.

More to come, as we update live.

This article was written by Adam Button at investinglive.com.