Budget 2026 is about ‘us,’ not the U.S. trade war, finance minister says

Posted November 2, 2026 10:44 am

2 min read

1:05 Trump says Canada, U.S. have ‘concepts of a deal’

It’s about us, not the U.S.

Finance Minister Francois-Philippe Champagne said Monday that this week’s federal budget will focus more on the government’s efforts to build up Canada’s economy and trade than the ongoing trade war with U.S. President Donald Trump.

“We have seen in trade, we have seen how the world has been changing, and for me this has been a moment for us as Canadians to … talk about building, investing in growth, (making) sure we’re more sovereign, supporting Canadians at a time of need, diversifying our trade,” Champagne said at a pre-budget event at the Canadian Club of Toronto Monday.

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“Whatever may happen in these discussions (around Canada-U.S. trade), we will see. But one thing is true, everything I just said that we need to do for ourselves.”

Champagne is set to deliver the Liberal government’s sophomore budget on Thursday, the next major policy document in Prime Minister Mark Carney’s efforts to diversify Canada’s trade relationships, strengthen domestic industries, dramatically ramp up defence spending and address continuing affordability concerns amid geopolitical turmoil.

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While Champagne was quick to note the budget is not about the trade relationship with the U.S., the issue continues to loom large over both the Canadian economy and in voters’ minds.

There have been signs in recent days — in addition to a flurry of news reports citing unnamed sources — that negotiations between Canada and the Trump administration could soon resume after talks broke down in late August.

Carney issued a statement Sunday that said he had a “good” discussion with Trump that built “on recent constructive discussions on the outlines of a mutually beneficial trade deal.” Carney added that teams from the two countries will “be working in the coming weeks to deliver that outcome.”

Over the weekend, Trump added that the two sides have a “concept” of an agreement and said he believes a deal is close.

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