Carney gave some clues to his strategy during his interview with me. He talked of a "win win" partnership with the US, and reminded the president that Canada was the "biggest client" of 40 of the 50 US states, and a key energy and fertiliser supplier. He also told me he "potentially could supply them with critical minerals".
This struck me as a negotiation tactic very targeted at what Trump has become fixated on elsewhere. Canada has ample resources of critical minerals, and would be a much more dependable supplier across the West than many other nations. Carney is implicitly suggesting, however, that his country has deep strategic choices to make here, on for example, developing them with Europe rather than the US.
In any event, the PM will use the impetus of external threat to try to transform the Canadian economy. Even in the granting of an interview to BBC News, it was clear that he sees a critical need to diversify trade and strategic alliances. Defence partnerships are now on the cards.
He seemed to acknowledge that a stalled Canada-UK trade deal could be expedited. On Friday he pulled off the historic announcement that King Charles would reopen the Canadian parliament in person at the end of the month. This has not happened since 1977.
It is entirely in keeping with Canada's constitution, but it is also a stunning assertion of enduring independence from the White House. All roads now lead to the G7 Summit hosted by Carney in the middle of June in Alberta, bringing together the world's seven largest economies, which dominate global trade and the international financial system. Assuming that Trump comes, it will occur within days of the expiry of the pause in massive so-called "reciprocal tariffs" on most of the world.
It is often forgotten that if Canada and Mexico free themselves from the fentanyl tariffs, they will then, according to White House advisers, find themselves subject to this system, with a minimum of 10% tariffs. All of this occurs within days of some growing frustration from America's traditional allies with the entire "trade deal" process. Japan is increasingly frustrated, with its finance minister now openly pointing to Japan's unbeaten holding of US government debt as a "card" in negotiations.
The EU has not got very far. Even the UK has hinted that a deal with Europe may be a more effective way of boosting the economy. It comes as tariffs are starting to have a visible and tangible negative impact on US businesses and consumers.
There is no great incentive to offer much up, while the US itself starts to feel the inevitable inflationary consequences of its actions. The flotilla of empty Chinese cargo ships and empty docks on the US West Coast will soon be seen in the economic data of an already shrinking US economy. As a veteran of economic crises arising from the uncertain experiments of governments, Carney might be uniquely placed on how these situations pan out.
Many in the markets have been thoroughly unimpressed with the White House advisers sent out to reassure investors in recent weeks. But Carney too has his own challenges. He just missed out on a majority in parliament, but has chosen to try to project this as a virtue.
He will reach across the aisle for a "Team Canada" approach to talks with the US. The Premier of the oil-rich Alberta province, who is a regular visitor to Mar-a-Lago, immediately announced moves to make separation referendums easier. This is a very complicated, domestic, continental and global environment economically and politically.
Few would predict exactly where it goes. Carney may have a very large part in it, and not just for his own country.
