• Canada will meet NATO's 2% defense spending target this fiscal year, five years ahead of schedule.
• Prime Minister Mark Carney emphasizes reducing dependence on the US amid growing global threats.
• The increased budget will support new military equipment and personnel enhancements.
• Carney warns that the US is "monetizing its hegemony," necessitating Canada’s military autonomy.
• Efforts are underway to diversify defense procurement towards European suppliers.

Canada's Prime Minister Mark Carney has announced that the country will achieve NATO's defense spending target of 2% of gross domestic product by the end of this fiscal year, significantly ahead of the 2032 timeline set by the previous government. This move is framed as a necessary response to increasing geopolitical threats, including those posed by Russia and China, which Carney highlighted in his speech at the University of Toronto. He emphasized the urgency, stating, "Now is the time to act with urgency, force, and determination," according to Reuters and South China Morning Post.

Carney has been vocal about Canada's over-reliance on the United States for defense, asserting that the country is "too reliant on the United States" and must shift its spending patterns. He explained that Canada's military infrastructure has aged, with reports indicating that only one of Canada's four submarines is currently seaworthy, highlighting systemic issues in military readiness. In response to these challenges, investments will also include new submarines, aircraft, and advanced surveillance technologies, as noted in reports by Al Jazeera and Los Angeles Times.

Further, Carney framed the increased defense posture as a strategic necessity to protect Canadians rather than just appease NATO's accounting standards. The Prime Minister suggested that Canada must chart its own path in defense matters, reiterating, "The United States is beginning to monetize its hegemony," indicating a shift in how alliances should be approached, as echoed by New York Times and India Times.

Additionally, the Canadian government is exploring procurement strategies that minimize reliance on US suppliers, with discussions ongoing with European partners to diversify military purchases, which include potential fighter jet acquisitions. This pivot indicates a broader strategy to enhance national and collective security amid global instabilities, reported by BBC and TRT Global.