Canada will deal with US 'on our own terms' Mark Carney tells BBC | BBC News

Key Concepts

• Sovereign nations partnership (Canada-US)
• Economic and security partnership
• Trade diversification (Canada, UK)
• Post-Brexit diversification (UK)
• G7 Summit importance
• International trade arrangements uncertainty
• Respect and reciprocity in international relations
• Critical minerals and energy supply
• Fertilizer supply
• Central banking experience

Canada-US Relations under a Potential Trump Administration

The speaker emphasizes that the message to Donald Trump would be consistent with previous direct and public statements: Canada and the US are two sovereign nations with the potential for an economic and security partnership. However, this partnership must be on Canada's terms, not dictated by the US. Canada is actively building its economy and strengthening relationships in Europe and elsewhere, providing alternative options.

The speaker addresses the potential for territorial claims from the US, stating that such claims are "never ever going to happen" with respect to Canada or any other nation (Panama, Greenland, etc.). He stresses the importance of respect and acknowledges the need for serious discussions based on mutual respect for Canada's sovereignty.

He highlights Canada's significant economic contributions to the US, including being the largest client for over 40 states, supplying vital conventional energy and potentially critical minerals, and providing 70% of the fertilizer used by US farmers. These contributions warrant respect and should be the basis for future discussions.

Trade Diversification and the UK

The discussion shifts to trade diversification beyond North America, specifically focusing on Europe and the UK. The speaker acknowledges the potential for a Canada-UK free trade agreement, describing it as "low hanging fruit." While 95-97% of trade between the two countries is already effectively tariff-free, there is room to expand integration, including defense partnerships.

The speaker emphasizes that diversification is in Canada's interest and suggests it is also in the UK's interest as part of its post-Brexit strategy. He notes that the UK's post-Brexit diversification may not have progressed as quickly as anticipated.

Importance of the Upcoming G7 Summit

The upcoming G7 summit is deemed "very important" due to its proximity to the NATO summit and the current uncertainty in international trade arrangements. The speaker notes that countries are adapting to this uncertainty, and the G7 summit presents an opportunity for like-minded nations to rebuild and redefine trade relationships. The presence of President Zelenskyy at the summit adds further significance. The G7 is seen as a test of how like-minded these countries truly are.

Central Banking and Future Aspirations

The speaker acknowledges the career opportunities available after leading central banks. When asked about the possibility of a "central banker prime minister," he states that there is a time and place for everything. He expresses pride in his previous roles as Governor of the Bank of England and Governor of the Bank of Canada during crucial periods and states his aspiration to serve as Prime Minister of Canada at a critical time for the country.