Prime Minister Mark Carney said Sunday that Canada must work to correct “weaknesses” formed from its close ties with the U.S. but also stressed Canadians have “faced down threats like this before.”

“Many of our former strengths based on our close ties to America have become our weaknesses,” he said in a video posted to his official YouTube channel. “Weaknesses that we must correct.”

In outlining a plan for the Liberal government, the prime minister reiterated previous comments that the world is “more dangerous and divided,” but went on to say Canada is working to “build more for ourselves.”

This includes attracting new investment, building partnerships with other countries to create new markets, and “taking back control” of security, borders and the country’s future.

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Carney’s comments come only a few days after he announced Toronto would host a global investor summit in September as Ottawa aims to attract $1 trillion in foreign investment

Carney noted several Canadian industries, including automotive, steel and lumber, are under threat from U.S. tariffs and pointed to the “Canada Strong” plan as a response.

That plan, he said, includes $1 trillion in investment to create “one Canadian economy out of 13,” and building new trade and energy corridors. Clean energy was also a focus in his comments, with Carney saying he wants to double the size of Canada’s capacity.

“Yes, that’s ambitious,” he said. “But in a crisis, fortune favours the bold.”

He went on to say Canada is spending what its allies expect on issues such as defence, and the country will continue to work to change its economy to be “stronger at home and less reliant at home.”

Carney touted “buying Canadian,” saying Canadians have responded to the “crisis” with the U.S. by spending their money at home and investing in the country.

“The biggest payoffs will take time, so we know that Canadians need a boost today and a bridge to tomorrow,” he said.

Carney concluded by promising Canadians he would provide regular updates in the weeks and months ahead, cautioning he would “never sugarcoat” the issues facing the country.

“The truth is, there’s a lot going on in the world, and not all of it is good, and the stakes could not be higher,” Carney said. “The way we’re going to get through this is together.”

—with files from Global News’ Uday Rana

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