Mark Carney Warns Canada Has a ‘Full Range’ of Responses Ready If Trump’s Sweeping 50% Tariffs Take Effect in August

Shomik Sen Bhattacharjee

Mon, July 27, 2026 at 1:00 AM GMT+3 5 min read

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.

Canadian Prime Minister Mark Carney said on Thursday that "everything's on the table" if President Donald Trump's threatened 50% tariffs take effect, while Ottawa intensifies negotiations before the Aug. 19 deadline.

Carney Holds Retaliation While Talks Continue

"If these tariffs, or other measures come into force, there's a full range of things that we can do," Carney said after meeting premiers in Charlottetown, Prince Edward Island. He said retaliating immediately would be "counterproductive" while talks continue.

Don't Miss:

A single bad hire can set a startup back years. Here are the 5 hires founders most often misjudge — and why
Still Learning the Market? These 50 Must-Know Terms Can Help You Catch Up Fast

Trump announced the duties Monday under Section 338 of the Tariff Act of 1930. They cover liquor, dairy products, cement, honey, hockey sticks and some wood products, while excluding energy, potash, fish and critical minerals. The measures would also hit goods previously protected by the U.S.-Mexico-Canada Agreement.

The threat follows Washington's decision not to extend the six-year-old trade pact, opening negotiations that could continue through 2036. Carney and Trump agreed this week to intensify discussions, even as Washington has made greater progress in separate talks with Mexico.

Carney suggested the deadline may be part of Washington's negotiating strategy. "Normally there's a deadline," he said. "Normally there's an outsized tariff associated with that deadline."

Tariff Threat Puts Key Provinces At Risk

Desjardins estimates the duties would affect about C$28 billion, or $19.8 billion, in annual exports, roughly 5% of Canadian shipments to the United States. Ontario, Quebec and British Columbia face the greatest exposure, while uncertainty could weaken investment and business confidence.

Provincial leaders urged Ottawa to prepare a forceful response. Ontario Premier Doug Ford said Canada should "be on offense" and keep "everything on the table," including a possible surcharge on electricity exports.

British Columbia Premier David Eby took a harder line. "There is not a chance in hell that U.S. alcohol is going back on the shelf in British Columbia," he said. Eby also said, "I feel sorry for Americans. If you can't be friends with Canada, then you almost certainly do not have a friend anywhere in the world."

Canada Looks Beyond United States Trade

Carney said Canada would keep diversifying trade beyond the United States regardless of the outcome. "Canada will do whatever it takes to build our strength at home and to support Canadian families, workers, our farmers, our businesses," he said.

The confrontation extends a broader tariff fight that has already triggered Canadian retaliation and provincial alcohol boycotts.

Image via Shutterstock

Read Next: Think you're saving enough for your kids? You might be dangerously off — see why

Building Wealth Across More Than Just the Market

Building a resilient portfolio means thinking beyond a single asset or market trend. Economic cycles shift, sectors rise and fall, and no one investment performs well in every environment. That's why many investors look to diversify with platforms that provide access to real estate, fixed-income opportunities, precious metals, and even self-directed retirement accounts. By spreading exposure across multiple asset classes, it becomes easier to manage risk, capture steady returns, and create long-term wealth that isn't tied to the fortunes of just one company or industry.

Arrived

Backed by Jeff Bezos, Arrived Homes makes real estate investing accessible with a low barrier to entry. Investors can buy fractional shares of single-family rentals and vacation homes starting with as little as $100. This allows everyday investors to diversify into real estate, collect rental income, and build long-term wealth without needing to manage properties directly.

Realberry

Institutional-quality real estate has traditionally been difficult for individual investors to access. Realberry gives accredited investors direct access to private real estate opportunities backed by a team with 35 years of experience, $3.4 billion in assets under management, and $481 million in cumulative distributions paid to investors as of Q4 2025, according to the company. With a portfolio spanning 13 million square feet across seven U.S. states, Realberry focuses on acquiring, developing, and managing real estate with an emphasis on long-term value creation while its principals often invest alongside clients to help align interests.

FarmTogether

Farmland has historically held its value through market volatility and delivered returns uncorrelated to stocks and bonds. For accredited investors, FarmTogether offers direct access to high-quality U.S. farmland starting at $15,000 — fully managed, with no landlord headaches.

Immersed

Immersed is building technology for the future of work through spatial computing. Known for its AR/VR productivity platform that enables users to work across multiple virtual screens, the company has grown to more than 1.5 million users worldwide. Immersed is also developing Visor, a lightweight headset designed specifically for professional productivity, positioning the company at the intersection of remote work, extended reality (XR), and next-generation computing.

Fundrise

Private real estate and private credit can add income and stability to a stock-heavy portfolio. Fundrise offers access to diversified private real estate and credit strategies through an easy-to-use platform, with professionally managed portfolios designed to generate passive income and long-term growth.

Mode Mobile

Mode Mobile is changing the way people interact with their phones by letting users earn money from the same apps and activities they already use every day. Instead of platforms keeping all the advertising revenue, Mode Mobile shares a portion back with users who engage with content, play games, and scroll on their devices. Named one of Deloitte's fastest-growing software companies in North America, the company has built a large beta user base and is scaling a model that turns everyday smartphone usage into a potential income stream.

EquityMultiple

For accredited investors looking beyond stocks and bonds, EquityMultiple provides access to vetted commercial real estate deals starting at $5,000, with only ~5% of opportunities passing their due diligence process.