Nodding to the "Fortress North America" concept floated by Ontario Premier Doug Ford and some U.S. interests, which prioritizes continental co-operation in the face of Chinese economic threats, Carney said this new relationship would "re-imagine co-operation in specific sectors deeply challenged by global competition."

Carney said the U.S. is dependent on Canadian oil, natural gas, electricity, aluminum, potash, nickel, copper and industrial components, and the two sides should do more business together in these sectors, not less.

"That is mutual strength. Canada Strong will help make America great again. The examples are legion where we should work together and compete with the world together," he said.