Canada's Prime Minister Mark Carney has delivered a warning shot to the global economy, stating that the era of free trade and investment is over. In a stark message to Asian-Pacific leaders at the APEC summit, Carney said rules-based open trade no longer works in an economy undergoing its most profound period of change since the fall of the Berlin Wall.
Carney's declaration came days after US President Donald Trump backed away from an all-out trade war with China, reaching a truce that was greeted with relief by world leaders but also a reminder of deep-seated differences between the two economies. Canada, which has traditionally relied heavily on trade with the US, is now aiming to double its non-US exports over the next decade.
The Canadian leader's words were echoed by Chinese President Xi Jinping, who positioned himself as the champion of free and open trade. Despite years of tension, including China detaining and executing Canadian nationals and interfering in federal elections, Carney said he looked forward to working more closely with Xi to "help build a more sustainable and inclusive international system".
Carney's visit to China is seen as an attempt to restart broad engagement with Canada's second-largest trading partner after years of tension. The Canadian prime minister has been seeking to improve ties with China, which has been critical of Canada's handling of Indigenous issues.
Meanwhile, US officials defended Trump's decision to leave the APEC summit early, citing Washington's contribution in the region as "very strong and robust". However, critics say this move demonstrated the US president's lack of engagement with APEC countries, which account for 40% of the world's population and 50% of global trade.
The APEC summit has been marked by supply chain disruptions and concerns over free trade. The US defense secretary, Pete Hegseth, met his counterparts from China and India on Friday at the start of an ASEAN defence summit, voicing concern about Chinese military activities in disputed areas of the South China Sea and around Taiwan.
As tensions between major economies continue to simmer, Carney's warning that the era of free trade is over highlights the challenges facing the global economy. With the US and China engaged in a complex dance of trade, diplomacy, and security, the future of international relations remains uncertain.
Carney's declaration came days after US President Donald Trump backed away from an all-out trade war with China, reaching a truce that was greeted with relief by world leaders but also a reminder of deep-seated differences between the two economies. Canada, which has traditionally relied heavily on trade with the US, is now aiming to double its non-US exports over the next decade.
The Canadian leader's words were echoed by Chinese President Xi Jinping, who positioned himself as the champion of free and open trade. Despite years of tension, including China detaining and executing Canadian nationals and interfering in federal elections, Carney said he looked forward to working more closely with Xi to "help build a more sustainable and inclusive international system".
Carney's visit to China is seen as an attempt to restart broad engagement with Canada's second-largest trading partner after years of tension. The Canadian prime minister has been seeking to improve ties with China, which has been critical of Canada's handling of Indigenous issues.
Meanwhile, US officials defended Trump's decision to leave the APEC summit early, citing Washington's contribution in the region as "very strong and robust". However, critics say this move demonstrated the US president's lack of engagement with APEC countries, which account for 40% of the world's population and 50% of global trade.
The APEC summit has been marked by supply chain disruptions and concerns over free trade. The US defense secretary, Pete Hegseth, met his counterparts from China and India on Friday at the start of an ASEAN defence summit, voicing concern about Chinese military activities in disputed areas of the South China Sea and around Taiwan.
As tensions between major economies continue to simmer, Carney's warning that the era of free trade is over highlights the challenges facing the global economy. With the US and China engaged in a complex dance of trade, diplomacy, and security, the future of international relations remains uncertain.
Draw a simple diagram of 3 interconnected circles with arrows pointing outward
It's like trying to navigate through a giant maze without a map 
. The US and China are doing their own thing, while Canada is trying to diversify its exports 
. And then there are the tensions between major economies 
. I'm not sure what the future holds, but one thing's for sure - we need to figure out a way to make international trade work again 
. It's time to rethink our approach to free trade and focus on creating a more sustainable and inclusive system 
. Let's hope that China's President Xi Jinping is serious about working together with Canada 
. It's not just about trade; security is a major concern for many countries 
. It won't be easy, but it'll be worth it in the end 
. And what about all the jobs that are gonna get lost because of automation and AI? I don't think anyone has a plan for that 
. Mark Carney's just trying to spin this as some kind of positive change, but I'm not buying it 
. We're just gonna end up with more regulations and less freedom, if you ask me 
.
... canada's prime minister mark carney saying free trade days are over... like what happened to that? 
anyway, gotta give it to china though, xi jinping is all about keeping the open trade vibes alive 
and us officials saying washington's still got it in the region... yeah right, not really 
it's like, come on guys can't we just get along and trade peacefully for once? 
newsflash, buddy: the world isn't gonna change if you show up late to a meeting 
.
and i don't even wanna hear about it anymore 
can we please just focus on something else for once? 
. Like, we're already seeing supply chain issues and whatnot because of all these tensions between major economies... it's hard to predict how things will play out.
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meanwhile, people are worried about supply chain disruptions & security concerns in the south china sea 
. And now China's President Xi Jinping is all about promoting open trade, which seems like a nice contrast 
. It’s gonna be tough to get trade agreements working again if major economies can't even agree on how to interact with each other.
. Maybe we can try to find a way to make free trade work again, you know? But Carney's words are definitely making me think about how our economy is connected 
. Like, what even is going on there? It seems like we're getting to a point where major economies can't agree on anything anymore 
I'm freaking out! Free trade is supposed to be like the ultimate global thing, and now Canada's PM is saying it's all done? 
The world economy's a mess, but at least Carney's having the tough conversations 
.
. This is gonna be a wild ride 
- not gonna happen! Carney needs to get his facts straight. It's been years since Trump backed away from that whole China trade war drama. He can't just declare it's over now because... what? The world changed overnight? 
[gif of a hand holding a door handle, with the door closing behind it]
US and China are still figuring out how to get along after years of tension 
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. And Canada's trying to pivot towards China like that's gonna solve everything... I don't know, man. 
. What's going on here? Where are the facts? 
Has Carney been in talks with China behind closed doors? Is this some kind of backroom deal? 
.
. Like, what's next? 
.
. And then you have Canada trying to find its footing in all this chaos 
.
. Buckle up, folks!