Prime Minister Mark Carney is promising to embark on the “biggest transformation” of Canada’s economy since the end of the Second World War, as he laid out his government’s priorities on friday 2nd May 2025 after winning a minority mandate from Canadian voters.

“Now is the time for ambition, to be bold, to meet this crisis with an overwhelming positive force that is a united Canada,” he said in Ottawa in his first press conference since Monday’s election. “It’s time to build and my government is getting to work, to build. Build big, bold and build now.”

Carney said his first priority was a Tuesday meeting with U.S. President Donald Trump in Washington, D.C. Carney said the agenda of the meeting will address U.S. tariffs against Canada, but also the broader relationship between the two countries.

“I go there with the expectation of … difficult, but constructive discussions; that’s the spirit of the conversations the president and I had,” Carney said. “You go to these meetings well prepared, understanding the objectives of your counterpart, and always acting in the best interest of Canada.”

In the meantime, as the U.S. trade relationship has changed, Carney has promised to build out Canada’s economy to be more resilient.

The cabinet is set to be sworn in on the week of May 12, with King Charles III set to deliver the throne speech during the reopening of Parliament on May 27.

Carney said that passing his promised middle-class tax cut, which will save two-income families $825 a year by cutting the marginal tax rate on the lowest income tax bracket by one percentage point, would be the government’s first priority. Carney said he expects to be able to do so by July 1.

Carney has also promised to remove all federal barriers to internal trade by Canada Day and to continue discussions urging provincial leaders to do the same.

Carney said his government will continue a trade diversification strategy, engaging with other global trade partners besides the U.S.

“We will strengthen our relationships with reliable trade partners and allies,” he said. “Canada has what the world needs, and we uphold the values the world respects.”

On immigration, Carney said he intends to cap the total number of temporary workers and international students at less than five per cent of the population by the end of 2027.

“It’s a sharp drop from the high of 7.3 per cent and this will help ease strains on housing, on public infrastructure and social services,” he said.

On his fiscal plan, the Liberal government has indicated it will split operating and capital spending into two separate budget categories, with Carney promising to balance the operating budget over the next three years by capping the public service, ending duplicated programs and improving public sector productivity. The deficit is projected to hit $62.3 billion deficit for this fiscal year.

“Day-to-day government spending, the government’s operating budget has been growing by an unsustainable nine per cent every year,” Carney said. “We will bring that down to two per cent, less than half the average nominal growth rate of the economy.”

Carney also highlighted the economic consequences already playing out as the result of the trade war with the U.S.

On Friday, Unifor announced General Motors was laying off 750 workers at its Oshawa Assembly plant, with the plant moving from three shifts to two shifts starting this fall. Carney expressed “his deepest sympathy for them and their families” adding that all the revenue from Canada’s retaliatory tariffs, estimated to be valued at $20 billion, will go to impacted workers.

He said his government will ensure companies work in “true partnership” by maintaining employment and investment in Canada and warned “there will be consequences” for those who fail to do so.