Dhaka, Oct. 23 -- Canadian Prime Minister Mark Carney on Wednesday said his government's first budget will reduce economic and security reliance on the United States and cut wasteful spending.

Carney, who was elected in April, stressed that his government's maiden budget will be about both austerity and big investments as he seeks to protect the Canadian economy from what he has called a crisis brought on by a newly protectionist US, reports Reuters.

"The decades-long process of an ever-closer economic relationship between the Canadian and US economies is over," Carney said in a televised address to a group of university students.

"Many of our former strengths - based on close ties to America - have become our vulnerabilities," he said...