Prime Minister says Nov. 4 budget will respond to the unprecedented pressures facing the Canadian economy in light of U.S. trade war

Prime Minister Mark Carney pledged 'generational investments' in a pre-budget address, while also telling Canadians that transforming the economy will 'take some sacrifices.'

Prime Minister Mark Carney said Canadians should be ready for some “challenges” and “sacrifices” in a speech outlining some of his government’s priorities for the upcoming budget.

It remains unclear exactly what those sacrifices will be or how they will be distributed. But the mere mention of sacrifices makes clear that Canadians are about to be faced with some real choices about how to move forward in a very different world.

Heading into the weekly Liberal caucus meeting on Wednesday, Carney didn't reveal any details about the speech, saying "I don't want to scoop myself."

Arrogance, conceit, solipsism, condescension – whatever you call it, it all represents the thing that always defeats Liberals. In his 3,000-word and too-long speech, Carney showed flashes of that: on the future, Carney actually said he and his government are “going to give it back to you.”

Chinese President Xi Jinping and Canadian Prime Minister Mark Carney have taken steps to mend their countries' fractured ties.

U.S. President Donald Trump said on Friday the United States and Canada will not restart trade talks, a week after he called off negotiations over an advertisement aired by the Canadian province of Ontario.