During the final debate leading up to the country's April 28 federal election, Canadian Prime Minister Mark Carney called U.S. President Donald Trump the "biggest risk" to Canada.
Carney, who took office last month after Justin Trudeau stepped down, used the debate to lay out a vision for Canadian economics, prioritizing internal trade reform over threats posed by U.S. policy.
He said he would eliminate barriers among the provinces and territories of Canada by July 1, and he stated that would allow greater growth than Trump's trade wars could hinder.
Carney harshly criticized Trump's aggressive tariffs and rhetoric, implying that Canada may become the "51st state," saying they could threaten national sovereignty: "We can give ourselves far more than Donald Trump can ever take away."
He effectively framed the U.S. leader as a 'crisis-level' risk to Canada, supported a higher retaliatory tariff, and indicated there might be a free trade deal after the election.
Opposition leader Pierre Poilievre blamed the Liberal government for inflation and increased housing costs, promising to reduce energy regulations and taxes. Looking to position himself differently from Trudeau, Carney countered: "You spent years running against Trudeau and the carbon tax—and both are gone."
The debate clarified what is at stake economically regarding national identity and Canada's essential relationship with its prominent southern neighbor.
How can tariffs affect Canada’s crypto market?
At first glance, tariffs may not seem related to crypto, but in Canada's globalized, tech-centric economy, tariffs will quickly creep into the digital asset space.
Tariffs could affect Canada's crypto by increasing hardware costs vital for mining. For instance, U.S.-China trade tariffs in 2018 caused GPU prices to run up, which depressed world mining expansion.
However, on the positive side, crypto adoption grew in Argentina and Turkey in 2023 amid trade tensions and inflation.