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A week after Prime Minister Mark Carney announced a new deal to expand the Churchill Falls hydroelectric project, he held a press conference in Lévis, Que., on Monday to announce a contract to build six icebreakers for the Coast Guard at the Chantier Davie shipyards.

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While Canada desperately needs electricity to power its economy and icebreakers to protect its shores, Carney has yet to demonstrate that his government is capable of enacting economic policies beyond spending massive amounts of borrowed money.

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Although Monday’s announcement was years in the making — Ottawa announced plans to purchase the new icebreakers in 2019 — the prime minister did his best to tie it to the trade negotiations with the United States that broke down on Friday.

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“We’re here today as part of Canada’s change in tack,” Carney said, flanked by Quebec Premier Christine Fréchette and key federal and provincial ministers, with a view of the St. Lawrence in the background.

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After explaining that Canada “worked relentlessly and in good faith with the United States to negotiate a new comprehensive trade agreement” but was not prepared to “accept what the U.S. had offered,” Carney claimed that, “Building at home and diversifying our trade abroad” has been “Plan A from the start.”

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Part of this strategy, according to the prime minister, includes expanding ports and having the icebreakers necessary to keep vital waterways open year-round. Thus Ottawa is spending $11 billion to build six icebreakers to replace the Coast Guard’s aging fleet, the first of which is expected to go into service in 2032, with the remaining vessels delivered by 2038.

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“That is what being masters of our destiny means,” Carney said.

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There’s no question that these ships are necessary, especially for a northern country that has seen its relationship with the U.S. reach historic lows and is aiming to protect its sovereignty in the North against an increasingly militaristic Russia, whose icebreaker fleet is more than twice as large as our own.

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The announcement was also well-timed, as it allowed Carney to sell a defence procurement as part of his overarching economic strategy, noting that the new boats will be made with Canadian steel and that the construction phase is expected to create 5,000 jobs and contribute $650 million a year to Canada’s GDP.

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It also gave the prime minister another opportunity to tout last week’s Churchill Falls announcement, which will be supported with $10 billion in federal financing and other financial supports.

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Noticeably absent from his remarks was any hint that Ottawa has a strategy to attract private investment. The Liberals have always been good at writing large cheques, even when the coffers are dry and programs are being financed on the backs of future generations. But ports and icebreakers are of little use if Canadian industry isn’t producing the products that the rest of the world wants to buy.