The text of the speech is at https://www.pm.gc.ca/en/news/speeches/2026/09/17/prime-minis...
The wording is such that it sounds like he is pushing a very ambitious portfolio. It appears that the idea is to make this a model for a new alliance that will include other countries over time.
The other deals Canada has made with the EU have been very substantive. CETA was the first major trade deal that the EU passed.
That made me do a double take and then rewind (I watched the full speech in the background), that's a fairly seismic shift if followed through and will reshape the internet over the next few decades (go look at a current fibre map for global internet links, they pretty much all route through the US and land in the UK), having an alternative path through Canada into the UK/Europe is a big change.
Trump wading into the Falklands debate was catastrophically stupid (not that I would expect otherwise) and chopped the legs out from the people who'd support him/their style of politics here.
So was threatening Canada, that's how he ended up dealing with Carney which from his PoV was the much worse outcome.