The Prague Post - 'Build, baby, build': Canada PM's plan to counter Trump

EUR -
AED 4.304872
AFN 79.965899
ALL 97.125019
AMD 446.577098
ANG 2.097965
AOA 1074.898555
ARS 1598.611316
AUD 1.789603
AWG 2.112872
AZN 1.997376
BAM 1.9557
BBD 2.354679
BDT 142.282703
BGN 1.957991
BHD 0.440777
BIF 3488.121114
BMD 1.17219
BND 1.504223
BOB 8.078586
BRL 6.347648
BSD 1.16914
BTN 103.189708
BWP 15.718194
BYN 3.950497
BYR 22974.921746
BZD 2.351279
CAD 1.621549
CDF 3370.046344
CHF 0.935548
CLF 0.028827
CLP 1136.571712
CNY 8.361055
CNH 8.352961
COP 4662.360894
CRC 592.369621
CUC 1.17219
CUP 31.063032
CVE 110.259345
CZK 24.39269
DJF 208.189323
DKK 7.468144
DOP 73.936208
DZD 152.0892
EGP 56.894082
ERN 17.582848
ETB 167.236523
FJD 2.640714
FKP 0.865674
GBP 0.867775
GEL 3.169438
GGP 0.865674
GHS 14.146275
GIP 0.865674
GMD 83.816091
GNF 10133.480311
GTQ 8.96654
GYD 244.597456
HKD 9.138514
HNL 30.630429
HRK 7.536951
HTG 152.802164
HUF 393.047445
IDR 19198.94647
ILS 3.922435
IMP 0.865674
INR 103.371328
IQD 1531.621452
IRR 49319.889825
ISK 143.183447
JEP 0.865674
JMD 187.070406
JOD 0.831129
JPY 172.786696
KES 151.282242
KGS 102.508456
KHR 4687.759591
KMF 492.910294
KPW 1055.010338
KRW 1625.245717
KWD 0.358128
KYD 0.97425
KZT 628.297778
LAK 25364.699188
LBP 104693.130882
LKR 353.011896
LRD 234.407979
LSL 20.66744
LTL 3.461172
LVL 0.709046
LYD 6.346675
MAD 10.625055
MDL 19.622994
MGA 5199.733335
MKD 61.536844
MMK 2461.015377
MNT 4215.456348
MOP 9.396018
MRU 46.869596
MUR 54.003232
MVR 18.063889
MWK 2027.196037
MXN 21.937773
MYR 4.9511
MZN 74.907305
NAD 20.66744
NGN 1793.450927
NIO 43.027793
NOK 11.779692
NPR 165.103533
NZD 1.989123
OMR 0.450307
PAB 1.16914
PEN 4.118089
PGK 4.87975
PHP 66.467508
PKR 331.750386
PLN 4.251254
PYG 8426.567849
QAR 4.273081
RON 5.078166
RSD 117.173991
RUB 95.15882
RWF 1693.413154
SAR 4.395986
SBD 9.639882
SCR 17.321412
SDG 703.904335
SEK 11.01308
SGD 1.506503
SHP 0.921157
SLE 27.25385
SLL 24580.233414
SOS 668.165734
SRD 45.571817
STD 24261.963978
STN 24.498744
SVC 10.229475
SYP 15240.810434
SZL 20.66094
THB 37.604284
TJS 11.048033
TMT 4.114386
TND 3.419025
TOP 2.74539
TRY 48.297158
TTD 7.934593
TWD 35.778991
TZS 2928.649806
UAH 48.191829
UGX 4112.789078
USD 1.17219
UYU 46.837598
UZS 14540.254313
VES 178.912011
VND 30945.812964
VUV 140.990019
WST 3.253432
XAF 655.923361
XAG 0.028579
XAU 0.000327
XCD 3.167902
XCG 2.106992
XDR 0.815758
XOF 655.923361
XPF 119.331742
YER 281.446998
ZAR 20.617273
ZMK 10551.119794
ZMW 27.912569
ZWL 377.444665
  • CMSD

    0.5000

    24.46

    +2.04%

  • BCC

    2.7900

    90.02

    +3.1%

  • GSK

    0.8900

    40.5

    +2.2%

  • SCS

    0.0900

    17.14

    +0.53%

  • NGG

    1.1800

    70.1

    +1.68%

  • BP

    -0.3700

    33.93

    -1.09%

  • RBGPF

    3.9500

    75.43

    +5.24%

  • CMSC

    0.2900

    24.23

    +1.2%

  • BCE

    0.2500

    24.72

    +1.01%

  • AZN

    -0.0800

    81.7

    -0.1%

  • RIO

    1.5100

    63.97

    +2.36%

  • RELX

    0.2500

    47.05

    +0.53%

  • VOD

    0.0600

    11.81

    +0.51%

  • BTI

    0.5900

    56.02

    +1.05%

  • JRI

    0.0500

    13.62

    +0.37%

  • RYCEF

    0.0200

    14.61

    +0.14%

'Build, baby, build': Canada PM's plan to counter Trump
'Build, baby, build': Canada PM's plan to counter Trump / Photo: Handout - Trans Mountain Corporation/AFP

'Build, baby, build': Canada PM's plan to counter Trump

On the night he won Canada's election, Prime Minister Mark Carney summarized his plan to jumpstart the country's economy in response to President Donald Trump's threats.

Text size:

"Build, baby, build!" Carney told a jubilant crowd of Liberal party supporters in April.

In the early weeks of his first term, Carney's plans to build have taken shape, headlined by the new "Major Projects Office", launched last month to spearhead the construction of ports, highways, mines and perhaps a new oil pipeline -- a contentious subject for groups concerned about the environment.

The office, which is expected to announce its priorities in the coming days, was formed after Carney's Liberals secured cross-party support to pass legislation empowering his government to fast-track "nation-building projects."

"We are moving at a speed not seen in generations," Carney said, a level of urgency he argues is required as Trump reshapes the global economy.

Trump's threats to annex Canada have eased, but his trade war is hurting the Canadian economy.

US tariffs on autos, steel and aluminum have squeezed the three crucial sectors and led to job losses.

The unemployment rate hit 7.1 percent in August, the highest level since 2016 outside of the pandemic.

That "adds to evidence that the trade war is taking its toll on Canadian labor markets," RBC senior economist Claire Fan said this week.

- 'Economy in peril' -

Since entering politics earlier this year, Carney has insisted Canada needs to break its decades-long reliance on US trade by revitalizing internal commerce while pursuing new markets in Europe and Asia.

During a visit to Germany last month, Carney said his government was "unleashing half a trillion dollars of investment" in infrastructure for energy, ports and other sectors.

Jay Khosla, an energy expert at the Public Policy Forum, said the momentum to build would not have been possible without Trump.

"We know our economy is in peril," he said, noting Canada was effectively "captured economically," because of its closeness to the United States.

- 'Energy superpower'? -

Canada is the world's fourth largest oil exporter and its crude reserves are the world's third largest.

Most of its resources are in the western province of Alberta, which exports almost exclusively to the United States, as Canada lacks the infrastructure to efficiently get energy products to other foreign markets.

Former prime minister Justin Trudeau, Carney's predecessor, put climate change at the center of his political brand and faced criticism from some over his perceived lack of support for the energy sector.

In a shift from the Trudeau era, Carney's Liberals now support exporting liquefied natural gas (LNG) to Europe.

"What we heard loud and clear from German LNG buyers and LNG users is they believe there is demand and they want to buy our products" Energy Minister Tim Hodgson said in Berlin last week.

Carney has repeatedly said Canada "can be an energy superpower."

But not everyone is enthusiastic about that plan.

Greenpeace has accused the prime minister of backing "climate-wrecking infrastructure" while ignoring clean energy.

Carney could likely press ahead despite concerns from pro-climate NGOs, but support from Indigenous leaders -- for whom safeguarding the environment is top priority -- is seen as essential.

Despite Carney's efforts to secure Indigenous backing for his major projects push, their concern persists.

"We know how it feels to have Trump at our border. Let's not do that and have Trump-like policies," said Cindy Woodhouse, the national chief of the Assembly of First Nations, in a swipe at Carney's backing for energy infrastructure.

"Let's take the time and do things properly."

Q.Pilar--TPP