Trump not worried about Canada’s China-centric ‘new world order’
Chip Somodevilla/Dave Chan/Getty Images
China guy
So far, Carney’s new world order with China has produced a trade agreement allowing up to 49,000 electric vehicles to be imported into Canada annually at a reduced tariff of 6.1%. In return, China is expected to lower tariffs on Canadian agricultural exports — most notably canola oil, a key cash crop for Canadian farmers — to roughly 15%.
But there is nothing new about Carney’s deference to China.
After leaving the Bank of England in 2020, Carney became vice chairman of the board of Bloomberg L.P., the privately held financial data and media company founded by Michael Bloomberg. During the same period, he also served as co-chair of the U.N.-backed Glasgow Financial Alliance for Net Zero, working alongside Bloomberg in his separate capacity as the United Nations’ Special Envoy on Climate Ambition and Solutions.
In that capacity, Carney consistently praised the alleged environmental stewardship of China, somehow locating a deep commitment to fighting climate change in a country that continues to power its economy with coal-fired plants.
Take Carney’s March 2024 visit to China, during which he told a reporter for the Chinese business outlet 21st Century Business Herald (English translation via Google Translate):
China has made a huge contribution to the fight against climate change, not only in terms of its massive investment in clean technologies and exporting them to other countries, but also in actively developing the financial system needed for the green transition.
Yuan to grow on
Carney’s favorable assessment of China’s role in climate and green finance is not an isolated remark. It aligns with a broader argument he has advanced in recent years: that global economic leadership should become more multipolar, with China playing a larger role alongside — rather than beneath — U.S. dominance.
That worldview extends to currency and finance. At the 2019 Jackson Hole Economic Symposium, Carney argued that the world should reduce its dependence on the U.S. dollar by exploring a new “synthetic hegemonic currency,” a framework designed to dilute the dominance of any single national currency.
Carney did not explicitly call for the Chinese yuan to replace the U.S. dollar outright. But his proposal would, by design, weaken the centrality of the dollar and expand the influence of non-U.S. currencies and financial systems.
Trump, for his part, has twice endorsed Carney during Canadian federal elections. Their relationship — particularly during Oval Office meetings — has been described as friendly, though it may be better understood as Trump indulging a leader he views as temporary.
Why does Trump consistently give Carney a pass?
Perhaps because Trump sees Carney less as a lasting architect of global order than as a passing phenomenon — unlikely to impede the president’s broader aim of reinforcing American economic primacy, regardless of how warmly Carney speaks of China’s place in the world.
Leave a Reply
You must be logged in to post a comment.