On 20 January 2026, during the 56th World Economic Forum in Davos, Switzerland, Canadian Prime Minister Mark Carney delivered a keynote address titled “Principled and Pragmatic: Canada’s Path.” Carney argued that the post‑Cold War rules‑based order is experiencing “a rupture, not a transition,” and he urged middle‑power countries to cooperate to defend their interests against great powers that are weaponizing economic integration.

In his remarks, Carney criticized the use of tariffs, financial infrastructure and supply chains as tools of coercion and warned that countries failing to unite risk becoming victims of these tactics. He called for genuine cooperation among middle powers, insisting that if they are not at the negotiating table, they will be “on the menu”. The speech was met with a rare standing ovation in Davos and was widely interpreted as an implicit rebuke of U.S. policies such as proposals to acquire Greenland and impose new tariffs on European allies. The address quickly became a focal point of discussion in global financial circles, highlighting growing concerns about geopolitical tensions and their impact on markets.

Carney’s intervention underscores the rising uncertainty facing investors as trade disputes and political friction threaten to destabilize the global economy. By positioning Canada as a principled advocate for multilateralism and middle‑power cooperation, he signaled that small and medium‑sized economies can play a pivotal role in shaping a fairer international system.