Prime Minister Mark Carney laid out his vision for a “Buy Canadian” economic strategy and a new era of fiscal restraint during a speech Wednesday at the University of Ottawa, framing his government’s plan as both a moral duty and an economic necessity.Carney said Canada had become overly dependent on foreign suppliers for essential goods, particularly in defense and manufacturing. “More than 70 cents of every dollar in military spending goes to the United States,” he said, promising that a new defense investment agency would ensure more of those dollars are spent at home. He pointed to the steel sector as an example of what he called a broken system: while most steel used in the U.S. and Europe is domestically produced, only 40% of Canadian steel is made in Canada. The government’s upcoming budget, he said, will introduce a Buy Canadian policy to prioritize domestic steel, aluminum, lumber, and technology for national projects..Carney described the approach as an effort to “be our own best customer,” arguing that the policy would create high-quality jobs for Canadian engineers, tradespeople, and scientists. He said the goal was to strengthen Canada’s industrial base and make the country more self-reliant in the face of global uncertainty.Turning to trade, Carney highlighted new agreements with Indonesia, the United Arab Emirates, and the European Union, along with partnerships in critical minerals with Germany.He said the government’s aim is to double non-U.S. exports within a decade, which he claimed would generate over $300 billion in additional trade. Canada, he added, is also “re-engaging” with India and China while continuing to deepen ties with traditional allies..The Prime Minister also acknowledged that the plan would require rethinking how Ottawa spends. He said federal spending had grown by an average of seven percent annually—faster than economic growth—and pledged to eliminate the operating deficit within three years.A recent 60-day “red tape review” identified nearly 500 measures to streamline government services, he said, adding that “we’ll spend less so Canadians can invest more.”Carney cited Canada Post’s $10 million daily losses as an example of where change is needed. “We made responsible choices,” he said, warning that even with efficiencies, the government would have to “do less of some things we want to do so we can do more of what we must do.”.Despite the push for restraint, Carney said the government would protect what he called “essential programs,” including national dental care, school food, and childcare initiatives.He announced plans to make the school meal program permanent and to introduce automatic enrollment for federal benefits to ensure low-income Canadians receive support.Carney painted a mixed picture of the economy, noting that inflation had “come down sharply” but that living costs remain too high. Housing starts are rising, he said, but the pace still lags demand..The Prime Minister also said immigration levels are being “brought under control,” citing a one-third drop in asylum claims and a 70% decline in new temporary foreign workers this year.While acknowledging regional and sectoral pressures in industries like autos, steel, and forestry, Carney said Canada is still expected to post the second-fastest growth rate in the G7 over the next two years. He warned, however, that the country must act decisively to stay ahead. “We won’t transform our economy easily or in a few months,” he said. “It will take sacrifices and time. But we will play to win. We’ll bet on Canada—and on all Canadians.”He ended by urging young Canadians to take part in the country’s renewal. “Get involved. Look out for each other,” he said. “We may have to change how we do some things, but we’ll never change who we are. We are Canada—strong Canada. Long live Canada.”
