OTTAWA — Prime Minister Mark Carney is expected to signal in a speech Wednesday evening that Canada plans to significantly increase non-U.S. exports over the next decade to make the economy less reliant on its largest trading partner.
A government source familiar with details of the speech said Carney will reveal that the coming fall budget will include a climate competitiveness strategy.
The fiscal plan will also include a new immigration plan and an international talent-attraction strategy aimed at scooping up workers who otherwise would have looked to working in the U.S.
Carney is set to address a group of university students in the nation’s capital, including many young people who have yet to join the full-time workforce and could feel the effects of the budget for years to come.
The federal government has indicated the Nov. 4 budget will include spending restraints and new funds for major initiatives.
Conservative Leader Pierre Poilievre met privately with Carney earlier in the day to discuss the fiscal blueprint and said he told Carney it needs to be an “affordable budget” to secure his party’s support in the House of Commons.
He said that means slashing “excess taxes on investment, home building, work, energy” and cap the deficit at $42 billion.
“My message, of course, to the prime minister is that people can’t afford to pay more, that they’re tapped out, the grocery bills, the rent is too high after 10 years of excess spending.”
The minority Liberal government is three votes shy of being able to pass measures on its own and will need either the support or abstention of members of other parties to pass the budget.
A vote in the House of Commons on a budget motion is a confidence matter — meaning the Carney government could fall if it loses, which could trigger a general election.
Bloc Québécois Leader Yves-François Blanchet, who spoke with Carney earlier today, has put forward a list of conditions to be met before his party supports the Liberal budget.
After the meeting with Carney, Blanchet said the Bloc’s demands have been clear to the Liberals for many months.
“They know our conditions, and if they wake up a little bit late, it’s once again their problem,” he said.
The Prime Minister’s Office said Carney is sitting down this month with opposition leaders to talk about their priorities as the parliamentary session progresses. Meetings with the NDP and Green leaders have already taken place.
The budget comes amid widespread economic uncertainty caused in large part by U.S. tariffs.
Carney is scheduled to travel later this week to economic summits in Asia that will take place in the days leading up to the budget.
The Conservatives have used the prospect of an early election to solicit money from donors this week.
Two Liberal MPs expressed the hope Wednesday that the budget will receive enough support from the House.
“I have that confidence because, you know, we were elected on a mandate just five, six months ago,” said Liberal MP Mark Gerretsen.
“Canadians are not of the mood to have an election right now. They want to see a government that works with all parties, which we’ve been demonstrating over the last several months.”
Liberal MP Corey Hogan said Canadians expect members of Parliament to work together.
“We’ve got a trade war with the United States, we’ve got challenges all over. The world has become an increasingly dangerous place,” he said.
“Canadians expect pragmatic government to deliver pragmatic solutions, and an election is not a pragmatic solution at this time.”
This report by The Canadian Press was first published Oct. 22, 2025.
The Canadian Press
