‘Old Global Order Not Coming Back’: Canada PM Mark Carney Criticises US Under Donald Trump

Canadian Prime Minister Mark Carney warns that the global economic system is breaking, not slowly changing. Speaking at the World Economic Forum in Davos, Carney says the long-standing rules-based order is no longer working. Assumptions that once guided international cooperation, trade and finance now clash with present strategic and political realities.

Carney argues that institutions and agreements built over decades no longer secure predictable behaviour between states. The original model relied on shared rules and informal trust. According to Carney, those norms have eroded as national interests have hardened. He says the framework that once organised global economic ties now delivers less stability and less confidence.

Global economic system risks and power politics

The Prime Minister links this shift to how major powers now treat economic policy as pressure. Carney highlights the United States under President Donald Trump without listing specific laws. Trade measures, especially tariffs, are described as regular strategic tools. Instead of following common rules, these tools now reflect power calculations and short-term bargaining.

For Carney, the earlier international system rested on an uneven bargain between richer and weaker countries. Powerful states gained more, but kept a surface sense of fairness through rules and rhetoric. That arrangement lasted while growth felt broad and markets stayed calm. When the imbalance became clear, support faded and the system started to fragment.

Global economic system shocks and vulnerabilities

Carney says recent global shocks expose how deep interdependence can turn against connected economies. Financial crises, health emergencies, energy supply disruptions and rising geopolitical tensions show these pressures. Integrated supply chains and shared financial networks spread benefits in stable times. During conflict or stress, those same links become strategic weak points.

Type of crisis Main vulnerability in the global economic system

• Financial shocks Linked : banking systems and capital flows
• Health emergencies : Disrupted production and cross-border movement
• Energy disruptions : Dependence on concentrated fuel suppliers
• Geopolitical tensions : Weaponisation of trade routes and technology

Global economic system choices for Canada

In this environment, Carney believes economic integration itself is being redesigned as leverage. Trade flows, payment infrastructure and supply chains now carry political weight. These tools influence how governments judge trust, risk and cooperation. At the same time, Carney notes that organisations such as the World Trade Organization and the United Nations hold less sway, leaving states to manage a looser order.

Looking ahead, Carney says Canada needs a strategy that mixes principle with practical choices. Domestic economic capacity should grow so Canada is less exposed to single partners. Broader trade relationships are needed to reduce reliance on any one country. With global institutions weaker, Carney suggests nations like Canada must steer carefully through a more fragmented system.