Canadian Prime Minister Mark Carney has pledged tax cuts, infrastructure spending, and defence investments during an election campaign platform on Saturday, 20 April 2025.
Carney highlighted that his government is working towards policies to reduce its economy’s reliance on the US. He said that he will draw on his experience managing crises, including his tenure as Canada’s central bank governor during the 2008 financial crisis and as Britain’s during Brexit.
Carney also claimed to be the best candidate to stand up to US President Donald Trump, who has imposed tariffs on Canada.
“We’re in an enormous crisis, so we have to be able to do two things. One, hold down on that wasteful spending, which we will do, but much more than that, we need to be bold and drive investment in the economy and take the amazing opportunities we have,” Carney said at a press conference.
Carney’s plan would reduce the federal deficit to 1.96% of GDP in 2025-26, 1.83% the following year, and 1.35% by 2028-29. He aims to boost defence spending above NATO’s 2% GDP target and invest in transatlantic security with European partners.
Earlier, on 30 January 2025, the Trump administration imposed a 25% tariff on Canadian imports. Later, on 2 April, he signed an executive order introducing a 10% baseline tariff on imports from all countries, including Canada, as part of a reciprocal tariff strategy.
