Canadian PM warns of slowing global economy, prepares for US trade talks in May

Prime Minister Mark Carney warned that global economic growth is slowing due to recent tariffs and other economic challenges, stressing that Canada must prepare for upcoming trade negotiations with the US in early May.

Carney made the remarks after convening a meeting of his Canada-US committee in Ottawa on April 11, emphasizing the urgency of addressing these economic issues, Caliber.Az reports citing foreign media.

Describing the meeting as a "good, long discussion on several aspects," Carney highlighted that since US President Donald Trump introduced his tariff policy, the global economic landscape has shifted.

"Aside from China's decision to slap counter-tariffs on US goods, there has been a really marked tightening in financial conditions," Carney said. "We are starting to see, unfortunately, the initial signs of slowing in the global economy, and impacts that we are starting to see, particularly in the Canadian economy, especially in the Canadian labour market."

Carney also outlined that he had given instructions to his officials to prepare for bilateral trade negotiations with the Trump administration next month. "We left instructions for officials to ensure that the next government, whichever government Canadians choose, will be in the best possible position for negotiations with the United States," Carney noted.

Trump's recent tariff announcements have affected global trade dynamics. Under his three-pronged tariff plan, he introduced significant "reciprocal" tariffs, though Canada and Mexico were exempted from some of the measures. Trump has also dialed back some of the harsher tariffs temporarily after market volatility. Nevertheless, he continues to pursue a 10 per cent tariff on goods from most countries, excluding Canada and Mexico.

Meanwhile, Conservative Leader Pierre Poilievre unveiled his "Canada First Economic Action Plan," which aims to boost Canada’s economic growth by $500 billion over the next five years. Poilievre emphasized policies such as rapid approval of natural resource projects, affordable housing initiatives, and a national energy corridor. "This Canada First economic plan will be like rocket fuel for the Canadian economy," he said.

By Vafa Guliyeva