Amid rising trade tensions with the United States, Canadian Prime Minister and Liberal Party leader, Mark Carney, unveiled a comprehensive plan aimed at enhancing Canada's economic and defense sovereignty, focusing on controlling government spending and achieving fiscal balance.

Key features of Carney's plan:

Enhancing defense and sovereignty:

Commitment to increase defense spending to 2% of GDP by 2030, surpassing NATO's target.

Investments in military equipment, including submarines, icebreakers, drones, and radar systems, with a focus on Arctic defense in collaboration with Indigenous communities.

Controlling spending and achieving fiscal balance:

Reducing the growth of government spending from 9% to 2% annually without cutting transfers to provinces or individuals, with the goal of achieving balance in operational budgets within three years.

Separating operational expenditures from capital expenditures, gradually reducing the federal deficit from 1.96% of GDP in 2025-2026 to 1.35% by 2028-2029.

Addressing economic and trade challenges:

Commitment to maintain retaliatory tariffs on U.S. goods until similar U.S. tariffs are lifted, while seeking to negotiate a new economic and security framework with the United States.

Removing trade barriers between provinces to enhance national unity and internal trade, with a focus on supporting agriculture and expanding international trade relations.

Initiatives to enhance national identity:

Launching the “Strong Canada Card” that provides free access for children and youth to national exhibits and museums, as well as free tickets on VIA Rail trains when traveling with their parents, in an effort to strengthen national identity in the face of external challenges.

This plan comes at a critical time, as polls indicate a narrow lead for the Liberals ahead of the federal election scheduled for April 28. Carney, with his extensive economic experience, is seen as a leader capable of steering Canada through this turbulent period.