Carney on a U.S. deal and the midterms
Carney's stance on negotiations with Washington was blunt: there is a deal to be made and it could come together quickly, but not "just for the sake of it." In an interview published Friday, he said he would not sign something he thinks is a bad deal, and when asked if he would wait for the next U.S. administration, he answered, "Well, if that's what it takes, yeah."
He also indicated he does not see Tuesday's U.S. voting shifting Trump's direction on trade. As he put it to La Presse, "This administration has no agreement with any country that does not include tariffs. That's the reality. The question is how high the tariffs will be." He suggested Canada will still be in Trump's crosshairs after the midterms.
Polling indicates Democrats are poised to take the U.S. House of Representatives, while the Senate is still a toss-up with extremely close contests in Michigan, Maine, and Alaska. The U.S.-Canada tariff dispute surfaced in several border states, and Trump agreed to modify certain tariffs on Canadian products to assist Senator Susan Collins, the Maine Republican battling to keep the seat she has occupied for nearly three decades.
Europe ties and a broader trade hedge
Carney spoke as his government convened a gathering with European officials in Montreal. Appearing alongside Ursula von der Leyen, the president of the European Commission, he outlined an "alliance for the future" focused on tighter supply-chain links, coordinated economic-security policy, defense cooperation, and financing for critical raw materials.
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Canada has been strengthening relationships with other countries and broadening its trade to reduce dependence on the U.S. For portfolios exposed to trade-sensitive names, watch for movement on Canada-EU initiatives and any U.S. tariff adjustments as the next catalysts.
Russia, hockey, and sanctions
Carney labeled Trump's approach to Russia "unhelpful" as nations work to bolster Ukraine's defenses. He told Politico that Canada will impose additional sanctions, sending this message to Vladimir Putin: "Get out of Ukraine. Stop your war crimes."
A hockey fan, he called it "unwelcome" that Russian teams could be readmitted to international competition following an arbitration decision. The International Ice Hockey Federation World Junior Championship will be held in Red Deer and Edmonton in late December and early January, and Edmonton is where Carney grew up.
Local politics and the investor angle
According to La Presse, Carney brought on a heavyweight from Canada's finance world: Guy Cormier - formerly at the helm of Desjardins Group - who is expected to run as the Liberal standard-bearer in an upcoming byelection to fill an open seat in the Montreal region.
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