DAVOS, Switzerland, Feb. 2, 2026 — Canadian Prime Minister Mark Carney delivered one of the most pointed speeches of his tenure at the World Economic Forum on Monday, warning that the world is in “rupture, not transition” and calling on middle powers to unite against “unconstrained superpowers” that use economic coercion and territorial pressure to advance their agendas.

While Mr. Carney did not name any country explicitly, the remarks — delivered to a packed hall that gave him a standing ovation — were widely interpreted as a direct critique of President Donald J. Trump’s recent policies, including sweeping tariffs on Canadian goods, repeated assertions of U.S. interest in acquiring Greenland, and threats to impose 100 percent duties on Canada over its trade agreements with China.

“The era of economic blackmail must end,” Mr. Carney said in the address. “No single power, no matter how large or how self-proclaimed exceptional, can dictate terms to sovereign nations through tariffs, military posturing or resource grabs. Middle powers — Canada, Australia, the Nordics, Japan, others — must stand together to defend rules-based trade, territorial integrity and democratic sovereignty.”

The speech came hours after Mr. Trump posted on Truth Social calling Mr. Carney “a failed Bank of England governor turned socialist prime minister” and threatening to double existing 25 percent tariffs on Canadian exports to 100 percent unless Ottawa “stops cozying up to China and hands over the keys to the Arctic.” Mr. Trump also referred to Mr. Carney as “Governor” — a jab at his previous role at the Bank of England — and suggested Canada’s sovereignty was “negotiable” in light of ongoing separatist sentiment in Alberta.

Canadian officials confirmed that Mr. Carney and Mr. Trump spoke by phone shortly after the speech. Sources familiar with the conversation, speaking on condition of anonymity, said Mr. Carney told the president he “meant every word” and expected mutual respect for sovereignty. The call was described as tense but civil.

The remarks have drawn sharp reactions. Progressive commentators in Canada and Europe hailed Mr. Carney as a “new voice of resistance” to U.S. hegemony, while conservative outlets in the United States accused him of grandstanding and alienating America’s closest ally. Markets reacted with volatility: the Canadian dollar fell 0.8 percent against the U.S. dollar in early trading Tuesday, and shares of Canadian exporters (forestry, energy, auto parts) declined 1.2 to 2.4 percent.

The backdrop is a series of escalating disputes:

• U.S. tariffs on Canadian goods rose to 25 percent in late 2025 after Ottawa signed a limited electric-vehicle and canola trade deal with China.
• Mr. Trump has revived calls to acquire Greenland, prompting Denmark and Canada to reaffirm Arctic sovereignty.
• Alberta separatist groups have gained traction, with some citing federal carbon policies and perceived weakness toward Washington as grievances.

Experts are divided on the long-term impact. “This is the most assertive language we’ve heard from a Canadian prime minister toward the United States since Pierre Trudeau in the 1980s,” said Janice Stein, a professor of political science at the University of Toronto. “Carney is betting that collective middle-power pressure can constrain unilateral U.S. actions. The risk is escalation — tariffs, border delays, even energy supply disruptions.”

Others see the speech as posturing. “It’s Davos theater,” said a senior U.S. official who spoke on condition of anonymity. “Carney knows he can’t afford a real fight. Canada exports 75 percent of its goods to the U.S. He’s playing to his domestic base and European galleries.”

Mr. Carney’s office did not respond to requests for comment on the speech or the phone call. The White House issued a brief statement calling the remarks “unhelpful” and reiterating that U.S. trade and security policies serve American interests first.

The speech has also reignited debate in Canada about Arctic defense, energy exports and diversification away from U.S. markets. Polling released Tuesday by Angus Reid showed 61 percent of Canadians supporting “stronger pushback” against U.S. economic pressure, the highest level recorded since the 2018 steel-and-aluminum tariff dispute.

As the World Economic Forum continues through the week, all eyes are on whether the U.S.-Canada relationship — long described as the world’s most stable bilateral partnership — can absorb this public rupture without deeper damage.