Mark Carney’s Playing Poker with Power: Everything’s on the Table (Except the Uranium)
As an August U.S. tariff deadline looms, Prime Minister Mark Carney navigates provincial energy divides and strict nuclear ethics screens in a high-stakes game of economic poker.
When trade storm clouds gather over Ottawa, Canadian prime ministers typically reach for diplomacy, economic spreadsheets, or a quiet briefing.
Prime Minister Mark Carney, standing at the podium following the First Ministers Meetings in Charlottetown, prefers the vocabulary of a seasoned poker player: "everything's on the table".
Facing an August 19 deadline against threats from U.S. President Donald Trump to slap a staggering 50 per cent tariff on Canadian goods, alongside a fresh 10 per cent levy tied to supply-chain forced labor rules, Canada finds itself in an escalating economic standoff with its southern neighbor.
Washington points to Canada's supply-managed dairy system, provincial vehicle quotas, and provincial bans on American liquor as grounds for retribution. Carney, while maintaining that Ottawa possesses a "full range" of retaliatory weapons, resolutely refused to show his cards in advance, warning that telegraphing specific counter-punches prematurely would only undermine ongoing negotiations.
Yet beneath Carney’s calculated stoicism lies a fractured domestic front. Ontario Premier Doug Ford did not mince words, suggesting Canada could exert economic pressure on the Americans through energy exports. British Columbia Premier David Eby signaled readiness to leverage softwood lumber, and New Brunswick Premier Susan Holt expressed openness to using cross-border power sales to northeastern states as diplomatic leverage.
Out west, however, the enthusiasm for an economic brawl quickly cools.
Alberta Premier Danielle Smith and Saskatchewan Premier Scott Moe drew a hard line against weaponizing energy exports, with Smith cautioning against negotiating by "promising to punch someone in the nose." Smith warned that poking the American bear could invite Washington to cut off vital oil and natural gas supplies flowing to Ontario and Quebec. An analysis by University of Calgary economics professor Trevor Tombe echoed that caution, finding that only about one per cent of total exports from Alberta and Saskatchewan are exposed to the latest U.S. tariff hit list.
The high-stakes debate over energy leverage naturally raises the question of nuclear power and critical minerals, specifically uranium. Saskatchewan remains a global heavyweight in uranium production, but observers wondering whether nuclear exports could become trade leverage face both strategic and ethical walls.
For starters, American reactors rely heavily on Canadian fuel, prompting Washington to explicitly exclude critical minerals and energy products from its initial tariff broadsides. More importantly, any executive maneuvering around the nuclear ecosystem collides directly with Carney’s personal background. Before entering elected office, Carney served as Vice Chair at asset management behemoth Brookfield Asset Management (NYSE: BAM | TSX: BAM) and holds deferred financial stakes in parent entity Brookfield Corporation (NYSE: BN | TSX: BN).
Through its renewable arm, Brookfield Renewable Partners (NYSE: BEP | TSX: BEP.UN) partnered with Canadian mining powerhouse Cameco Corporation (NYSE: CCJ | TSX: CCO) to acquire major American nuclear equipment manufacturer Westinghouse Electric Company. Because Westinghouse Electric Company plays a pivotal role in U.S. civil nuclear infrastructure, Carney’s assets, now held in a blind trust, are governed by a strict federal ethics screen administered by top public servants. Under these ethical guardrails, Carney is legally walled off from participating in government decisions that directly impact his former employer's vast commercial footprint.
Uranium, in short, is not a card Carney can play.
Despite the shadow cast by Washington's tariff broadsides, the Charlottetown summit yielded domestic breakthroughs. In an effort to dismantle stubborn internal trade barriers, nine premiers signed a landmark direct-to-consumer alcohol agreement, enabling craft brewers and distillers to ship directly across provincial borders. Simultaneously, New Brunswick, Nova Scotia, and Prince Edward Island agreed to map out a unified regional electricity network, backed by $5.9 million in federal funding for technical planning on new undersea power cables connecting New Brunswick to P.E.I.
Whether Carney’s strategic silence forces a pre-deadline compromise with Washington remains to be seen. But with provincial premiers debating energy shutdowns and federal ethics screens restricting key industrial sectors, Canada’s negotiation table is looking increasingly crowded.
Sources
This article is based on reporting by Eli Ridder for The Canadian Press, titled "Carney says 'everything's on the table' for tariff retaliation against United States" (published July 23, 2026, with files from Craig Lord in Ottawa and Wolfgang Depner in Victoria), alongside corporate market disclosures regarding Brookfield Asset Management (NYSE: BAM, TSX: BAM), Brookfield Corporation (NYSE: BN, TSX: BN), Brookfield Renewable Partners (NYSE: BEP, TSX: BEP.UN), Cameco Corporation (NYSE: CCJ, TSX: CCO), Westinghouse Electric Company, and Office of the Conflict of Interest and Ethics Commissioner filings.