A key ally is making a monumental move to distance itself from the United States after disrespect from President Donald Trump.
Prime Minister Mark Carney said on Monday that Canada would establish its own sovereign wealth fund to make investments in a move to make the nation’s economy less reliant on the U.S., according to The New York Times.
Canadian citizens will be able to invest in the fund, which will operate like a private company and focus on infrastructure investments that can help bolster Carney’s plans to establish new pipelines, nuclear generation, and a high-speed passenger rail line.
The move follows the lead of other resource-abundant countries, such as oil-rich Middle Eastern nations including the United Arab Emirates, Saudi Arabia, Kuwait, and Qatar.
“This will be a government of Canada fund, but more importantly, it will be a people’s fund, it will be your fund,” Carney, 61, told reporters in Ottawa on Monday. “Many countries that are blessed with natural resources, like Norway, have them. Canada has not until now.”
“For the first time in the history of Canada, Canadians will not just contribute to the realization of these projects, they will benefit directly from their return,” Carney said.
The White House did not immediately return the Daily Beast’s request for comment.
Canada’s bold next step in its attempt to distance itself from a hostile U.S. under the second Trump administration—which has put tariffs on its steel and automobiles and threatened to annex its neighbor as its 51st state—follows the prime minister’s announcement earlier this month that the country must pursue a more independent path.
On April 19, Carney shared a nine-minute video address in which he recalled the nation’s past successes in resisting American oppression as inspiration for separating itself from its southern neighbor.
“Many of our former strengths, based on our close ties to America, have become our weaknesses—weaknesses that we must correct," Carney said.
“The U.S. has changed, and we must respond,” he continued. “It’s about taking back control of our security, our borders, and our future.”
Trump, 79, has a fraught relationship with the Canadian Liberal Party leader.
After Carney delivered a scathing rebuke regarding a “rupture in the world order” during a speech at the World Economic Forum in Davos, Switzerland, in January, the commander in chief pettily withdrew the Canadian leader’s invitation to his so-called “Board of Peace.”
“They should be grateful to us, Canada. Canada lives because of the United States,” Trump told attendees at the World Economic Forum. “Remember that, Mark, next time you make your statements.”
