If a deal gets done, Canada might consider the US a reliable partner again. “It depends,” Carney said, explaining that he is also focused on broadening trade with European nations.

The country’s economy is deeply tied to the US, but President Donald Trump’s steep tariffs and threatening rhetoric about making Canada the 51st state have put that relationship in peril.

The US trade deficit with Canada — which Trump described as a “major threat” to the American economy and national security — was estimated at $63.3 billion in 2024, a 1.4% drop from 2023.