The Trump administration is stepping up its verbal pressure on Canada once more, as U.S. Treasury Secretary Scott Bessent delivers a new caution to Prime Minister Mark Carney ahead of upcoming trade talks.
Bessent made the remarks Wednesday at a Washington, D.C., event unveiling what President Donald Trump has called “Trump Accounts,” an investment program aimed at children.
During an interview with CNBC’s Sara Eisen, Bessent was questioned about the growing tensions between Trump and Carney following the prime minister’s widely publicized speech at last week’s World Economic Forum in Davos, Switzerland.
“I would urge Prime Minister Carney to focus on what truly benefits Canadians, rather than engaging in virtue signalling, especially with USMCA negotiations approaching,” Bessent said, referring to the Canada–U.S.–Mexico Agreement.
“I wouldn’t recommend starting a confrontation ahead of those talks just to gain short-term political advantage.”
Bessent said Carney “came to office on a platform critical of the United States and President Trump,” adding that such a stance is unhelpful when dealing with a country that has a far larger economy and happens to be Canada’s top trading partner.
Following the imposition of tariffs on various Canadian goods in 2025, the Trump administration has recently been signalling major potential revisions to CUSMA as the agreement enters its scheduled review this year. Those proposals include even suggesting that the United States may no longer require the pact, despite strong backing from many American business sectors.
‘It rarely ends well’
Speaking at Wednesday’s event, Bessent also questioned Carney’s move from central banking into politics, noting that in his experience, technocrats who attempt such a shift often struggle.
“In my years as an investor, I’ve seen what happens when technocrats try to reinvent themselves as politicians — it rarely ends well,” he said.
Bessent’s remarks follow his assertion that Carney softened his Davos comments during a phone call with Trump on Monday.
However, Carney rejected that claim Tuesday, telling reporters on Parliament Hill: “Let me be clear — I stand by what I said in Davos, and I conveyed that directly to the president.”
