Former central banker Mark Carney was sworn in as Canada’s new prime minister on Friday. Carney, 59, takes over from Prime Minister Justin Trudeau, who announced his resignation in January but remained in office until a new leader was elected by the Liberal Party.
Carney now faces significant challenges, including navigating a trade war sparked by U.S. President Donald Trump, the looming threat of annexation, and an anticipated federal election. It is widely expected that Carney will soon call for a general election.
Before Trump declared an economic war and threatened to annex Canada as a 51st state, the Liberal Party seemed poised for a historic defeat in the election. However, with these new developments, Carney and his party may now have the opportunity to rally and potentially win the upcoming election.
Carney has expressed his willingness to meet with Trump, provided that Trump respects Canada’s sovereignty and is open to a more comprehensive and cooperative approach to trade between the two countries.
Trump imposed a 25% tariff on Canada’s steel and aluminum and has warned of imposing broad tariffs on all Canadian goods starting April 2. Additionally, he has made threats of economic coercion, tying them to his annexation claims, and has suggested that the border between the two countries is essentially a made-up line.
The U.S. trade war and Trump’s rhetoric about making Canada the 51st state have sparked outrage among Canadians. This has led to protests such as booing the American national anthem at NHL and NBA games, as well as some Canadians canceling trips to the U.S. and avoiding American products when possible.
The rise in Canadian nationalism has strengthened the Liberal Party’s position ahead of a parliamentary election, which is expected to take place in the coming days or weeks. Opinion polls show that the party’s support has been growing.
Mark Carney, who previously managed economic crises as the head of the Bank of Canada and later as the Governor of the Bank of England, will now face the challenge of steering Canada through the ongoing trade war with the U.S.
Mark Carney, a former Goldman Sachs executive with no prior political experience, has become Canada’s 24th prime minister.
“He will perform very well. He’s highly respected internationally,” former Prime Minister Jean Chrétien said in a statement on Friday. However, he also noted, “There’s no magic solution. This is an unusual situation. We’ve never encountered a president of the United States who changes his mind every few minutes. It causes problems not just for Canada, but for everyone.”