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Carney’s First National Projects Split Opinion as Bank of Canada Urges Diversification

The Bank of Canada says U.S. tariffs have weakened growth, prompting a push for faster diversification.

Overview

  • An Angus Reid survey finds 44% satisfied, 32% dissatisfied and 24% undecided on the first five federal projects designated in the national interest, with only 9% completely satisfied.
  • The most common criticism among dissatisfied respondents is the absence of new oil and gas pipelines, and 57% of Canadians want faster approvals for oil and gas projects.
  • Reactions break along party lines, with 66% of Liberal voters satisfied versus 28% of Conservatives, while Prime Minister Mark Carney’s approval holds near 50%.
  • Bank of Canada Governor Tiff Macklem links tariff-driven weakness to last week’s quarter-point cut to a 2.5% policy rate and calls for better east–west corridors, stronger port capacity, fewer interprovincial barriers and faster approvals.
  • Ontario’s Vic Fedeli is accelerating trade missions to reduce reliance on the U.S., citing 2024 results of 409 companies investing $40 billion and 24,711 jobs, even as opposition questions job figures and returns.