- Mark Carney sworn in as Canada’s 24th prime minister after winning the Liberal leadership race.
- Promises to uphold retaliatory tariffs against the US until Trump removes trade restrictions on Canadian goods.
- Faces a potential early federal election with a tightening race against Conservative leader Pierre Poilievre.
Mark Carney, an economist and political newcomer, will be sworn in as Canada’s new prime minister on Friday, just days after securing the leadership of the governing Liberal Party.
Carney, a former governor of both the Bank of Canada and the Bank of England, played a key role in steering both nations through financial crises. That expertise is expected to be crucial as he navigates an escalating trade war with U.S. President Donald Trump.
He will succeed outgoing Prime Minister Justin Trudeau following a landslide victory in last week’s Liberal leadership race.
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Governor General Mary Simon will officiate the swearing-in ceremony, formally making Carney Canada’s 24th prime minister and marking the end of Trudeau’s nine-year tenure. However, any celebrations may be short-lived if Carney decides to call an early federal election, currently scheduled for October.
Carney is expected to position himself as the leader best suited to counter Trump’s aggressive trade policies. He has vowed to maintain reciprocal tariffs on select American goods as long as the U.S. president enforces his 25% universal tariff on Canadian exports not protected by the Canada-United States-Mexico Agreement (CUSMA).
“We can’t let him succeed,” Carney declared in his victory speech on Sunday. Until the U.S. “shows us respect,” he stated, Canada would uphold tariffs on American imports.
“I know these are dark days,” Carney said. “Dark days brought on by a country we can no longer trust. We’re getting over the shock, but let us never forget the lessons: we have to look after ourselves and each other. We need to pull together in the tough days ahead.”
Canada’s economy is heavily reliant on trade with the U.S., and economists warn that a full implementation of Trump’s tariffs could push the country into recession.
When Canadians return to the polls, Carney’s main challenger will be Conservative leader Pierre Poilievre, whose combative style has drawn comparisons to Trump—an association that some analysts now view as a political liability rather than an advantage.
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Before Trump’s tariff threats, the Conservatives held a commanding 20-point lead in some polls. However, recent surveys suggest a much tighter race.
The Liberals will also have to contend with other opposition parties, including the Bloc Québécois, which holds 33 seats, and the New Democrats, who have 24 seats in the House of Commons.
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