The China Mail - 'Build, baby, build': Canada PM's plan to counter Trump

USD -
AED 3.672504
AFN 68.219237
ALL 82.857752
AMD 380.976754
ANG 1.789783
AOA 917.000367
ARS 1363.781872
AUD 1.526718
AWG 1.8025
AZN 1.70397
BAM 1.668415
BBD 2.008787
BDT 121.381958
BGN 1.67037
BHD 0.376029
BIF 2975.730433
BMD 1
BND 1.283259
BOB 6.891875
BRL 5.415204
BSD 0.997398
BTN 88.031563
BWP 13.409256
BYN 3.370186
BYR 19600
BZD 2.005886
CAD 1.38335
CDF 2875.000362
CHF 0.79812
CLF 0.024592
CLP 969.61399
CNY 7.13285
CNH 7.125945
COP 3977.479207
CRC 505.352954
CUC 1
CUP 26.5
CVE 94.0627
CZK 20.809504
DJF 177.607166
DKK 6.371104
DOP 63.075283
DZD 129.747921
EGP 48.536575
ERN 15
ETB 142.670164
EUR 0.853104
FJD 2.252804
FKP 0.73851
GBP 0.740302
GEL 2.703861
GGP 0.73851
GHS 12.068245
GIP 0.73851
GMD 71.503851
GNF 8644.913628
GTQ 7.649392
GYD 208.667093
HKD 7.796104
HNL 26.130945
HRK 6.429804
HTG 130.356153
HUF 335.310388
IDR 16378.7
ILS 3.346245
IMP 0.73851
INR 88.186504
IQD 1306.632544
IRR 42075.000352
ISK 122.150386
JEP 0.73851
JMD 159.590531
JOD 0.70904
JPY 147.40504
KES 129.059501
KGS 87.450384
KHR 3999.14694
KMF 420.503794
KPW 900.033647
KRW 1386.503789
KWD 0.30552
KYD 0.831137
KZT 536.003412
LAK 21638.72894
LBP 89314.139475
LKR 301.155897
LRD 199.974408
LSL 17.631478
LTL 2.95274
LVL 0.60489
LYD 5.414374
MAD 9.064278
MDL 16.740456
MGA 4435.913841
MKD 52.497334
MMK 2099.502314
MNT 3596.223105
MOP 8.015782
MRU 39.984645
MUR 46.070378
MVR 15.410378
MWK 1729.409256
MXN 18.715204
MYR 4.223804
MZN 63.903729
NAD 17.631478
NGN 1530.000344
NIO 36.707187
NOK 10.049304
NPR 140.850501
NZD 1.696929
OMR 0.384159
PAB 0.997398
PEN 3.513158
PGK 4.162935
PHP 56.703704
PKR 283.017616
PLN 3.626762
PYG 7188.739603
QAR 3.645383
RON 4.332204
RSD 99.961612
RUB 81.18038
RWF 1444.65771
SAR 3.750234
SBD 8.223823
SCR 14.776967
SDG 600.503676
SEK 9.395304
SGD 1.285204
SHP 0.785843
SLE 23.250371
SLL 20969.49797
SOS 570.014929
SRD 38.877504
STD 20697.981008
STN 20.899979
SVC 8.726807
SYP 13001.997909
SZL 17.625933
THB 32.080369
TJS 9.425123
TMT 3.51
TND 2.916784
TOP 2.342104
TRY 41.202504
TTD 6.769034
TWD 30.523204
TZS 2498.443165
UAH 41.112647
UGX 3508.637236
UYU 39.957347
UZS 12404.350608
VES 152.63057
VND 26400
VUV 120.279164
WST 2.775516
XAF 559.570911
XAG 0.024381
XAU 0.000279
XCD 2.70255
XCG 1.797483
XDR 0.695927
XOF 559.570911
XPF 101.735978
YER 240.103589
ZAR 17.58868
ZMK 9001.203584
ZMW 23.812327
ZWL 321.999592
  • RBGPF

    3.9500

    75.43

    +5.24%

  • NGG

    1.1800

    70.1

    +1.68%

  • SCS

    0.0900

    17.14

    +0.53%

  • CMSD

    0.5000

    24.46

    +2.04%

  • GSK

    0.8900

    40.5

    +2.2%

  • AZN

    -0.0800

    81.7

    -0.1%

  • RELX

    0.2500

    47.05

    +0.53%

  • CMSC

    0.2900

    24.23

    +1.2%

  • RIO

    1.5100

    63.97

    +2.36%

  • RYCEF

    0.0200

    14.61

    +0.14%

  • VOD

    0.0600

    11.81

    +0.51%

  • BTI

    0.5900

    56.02

    +1.05%

  • BP

    -0.3700

    33.93

    -1.09%

  • BCE

    0.2500

    24.72

    +1.01%

  • JRI

    0.0500

    13.62

    +0.37%

  • BCC

    2.7900

    90.02

    +3.1%

'Build, baby, build': Canada PM's plan to counter Trump
'Build, baby, build': Canada PM's plan to counter Trump / Photo: © 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."

L.Kwan--ThChM