Canada's Prime Minister Mark Carney has delivered a stark message to Asia-Pacific leaders at the APEC summit, declaring that the era of free trade and investment is over. In a stark departure from his predecessors, Carney warned that rules-based liberalized trade no longer works in a global economy undergoing profound change since the fall of the Berlin Wall.
Carney's declaration came days after US President Donald Trump and Chinese leader Xi Jinping backed away from an all-out trade war, which has been greeted with relief by world leaders but also serves as a reminder of deep-seated differences between the two biggest economies. Carney expressed his intention to diversify Canada's trade relationships, aiming to double non-US exports over the next decade.
In a bid to restart broad engagement with China, Canada's second-biggest trading partner after the US, Carney is reportedly seeking to rekindle relations that have deteriorated rapidly since Trump won his second term in the White House. The Canadian government has faced criticism for its handling of China-related issues under Trudeau, including detentions and interference in federal elections.
The APEC summit, which was overshadowed by Trump's departure from the talks with Xi, saw supply chains and free trade dominate discussions among the 21 member economies. US Treasury Secretary Scott Bessent represented Washington at the summit, where he voiced concerns about Chinese military activities in disputed areas of the South China Sea and around Taiwan.
In a move that highlights the ongoing tensions between the two biggest economies, Trump chose to skip the talks after reaching a deal on rare earth minerals, soybeans, and tariffs with Xi. The Chinese leader, meanwhile, is positioning himself as a champion of free and open trade. He met Japan's new Prime Minister Sanae Takaichi, who has been critical of China's military buildup in the region, and will hold talks with South Korean President Lee Jae-myung on Saturday.
The US decision to skip the APEC summit comes amid criticism that Trump is demonstrating a lack of engagement with APEC countries, which together account for 40% of the world's population and 50% of trade. The administration official Casey Mace defended Trump's departure, citing Washington's "very strong and robust" contribution to the region.
In Malaysia, US Defence Secretary Pete Hegseth met his counterparts from China and India on Friday at the start of an Asean defence summit, where he voiced concerns about Chinese military activities in disputed areas. The US and India signed a 10-year defence cooperation framework that Hegseth hailed as "a cornerstone for regional stability and deterrence".
The complex web of relationships between major economies is set to continue shaping the global agenda in the coming years. As Carney navigates these uncertain waters, Canada's trade strategy will likely play an increasingly important role in the country's economic fortunes.
Carney's declaration came days after US President Donald Trump and Chinese leader Xi Jinping backed away from an all-out trade war, which has been greeted with relief by world leaders but also serves as a reminder of deep-seated differences between the two biggest economies. Carney expressed his intention to diversify Canada's trade relationships, aiming to double non-US exports over the next decade.
In a bid to restart broad engagement with China, Canada's second-biggest trading partner after the US, Carney is reportedly seeking to rekindle relations that have deteriorated rapidly since Trump won his second term in the White House. The Canadian government has faced criticism for its handling of China-related issues under Trudeau, including detentions and interference in federal elections.
The APEC summit, which was overshadowed by Trump's departure from the talks with Xi, saw supply chains and free trade dominate discussions among the 21 member economies. US Treasury Secretary Scott Bessent represented Washington at the summit, where he voiced concerns about Chinese military activities in disputed areas of the South China Sea and around Taiwan.
In a move that highlights the ongoing tensions between the two biggest economies, Trump chose to skip the talks after reaching a deal on rare earth minerals, soybeans, and tariffs with Xi. The Chinese leader, meanwhile, is positioning himself as a champion of free and open trade. He met Japan's new Prime Minister Sanae Takaichi, who has been critical of China's military buildup in the region, and will hold talks with South Korean President Lee Jae-myung on Saturday.
The US decision to skip the APEC summit comes amid criticism that Trump is demonstrating a lack of engagement with APEC countries, which together account for 40% of the world's population and 50% of trade. The administration official Casey Mace defended Trump's departure, citing Washington's "very strong and robust" contribution to the region.
In Malaysia, US Defence Secretary Pete Hegseth met his counterparts from China and India on Friday at the start of an Asean defence summit, where he voiced concerns about Chinese military activities in disputed areas. The US and India signed a 10-year defence cooperation framework that Hegseth hailed as "a cornerstone for regional stability and deterrence".
The complex web of relationships between major economies is set to continue shaping the global agenda in the coming years. As Carney navigates these uncertain waters, Canada's trade strategy will likely play an increasingly important role in the country's economic fortunes.
I'm kinda sad about this free trade thing... it was all so exciting back in the day, you know? The idea that we could just trade our way to prosperity without any strings attached 
. But now it seems like everyone's getting a little too serious and rules-based 
. Carney's warning about the era of free trade being over kinda hits home for me. I mean, think about all the movies from the 90s and early 2000s where trading was just a normal thing... like, "Trading Places" or something 
.
. I'm not saying it's all bad - Carney's got some good points about diversifying trade relationships and whatnot. But still... where's the fun in that? 
... remember when everyone was all about the WTO and how it brought down prices and boosted global growth? Nowadays, it seems like rules-based liberalized trade is just a thing of the past. I get why Carney's trying to diversify Canada's trade relationships, but can't we still have some semblance of that old free-trade magic? 
Come on Carney you're just adding fuel to the fire 
. Free trade and investment is what got us out of that post-WWII depression, now you're saying it's all gone down the drain? That's like telling me my Xbox has been replaced by a brick 
. It's just going to hurt business and everyday Canadians 
. And what about Canada's economy then? We need those exports and trade relationships to grow 
. Diversifying now is one thing, but abandoning it altogether is just plain crazy 
. Trump may have backed down on the trade war with China, but that's not exactly a victory for global free trade 
.
. It's time for some new thinking and some fresh strategies.
Can't believe Canada's PM Mark Carney is basically saying that free trade and investment are done for... like, what's next? 
The US and China just dodged a bullet with their trade deal, but we're still stuck in this weird limbo where no one knows what's going to happen. It's all about diversifying Canada's trade relationships now, but how's that gonna pan out? 
Anyway, I heard Mark Carney is saying that the free trade thingy is over? That makes sense, I guess. We're living in a time where everything is changing so fast, it's hard to keep up. What if we all just switch to a vegan diet and make peace with each other? 
Just kidding, but seriously, how are Canada's non-US exports going to be affected by this? Will they actually double over the next decade or what?
What's gonna happen to them? I feel like Canada is just trying to find a way to make itself relevant again in this new world order. 
It won't be easy, but I think it's worth a shot. Let's keep our fingers crossed that we can make some real progress soon! 
u guys are forgettin that canada got some of the best business environments in the world 
what a shocker after all the US president trump and chinese leader xi jinping backed away from a full on trade war like 4 days ago? 
So Carney's saying that free trade and investment are a thing of the past? 
. Its weird that the US is basically skipping some of these talks, like, what's going on there?