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Former central banker Mark Carney will be officially sworn in as Canada’s new prime minister on Friday, March 14, replacing Justin Trudeau. Carney, 59, steps into the leadership role at a critical moment, with trade tensions between Canada and the United States escalating due to President Donald Trump’s aggressive tariff policies and shocking annexation rhetoric.
Carney is widely expected to call for a general election in the coming days or weeks, as the ruling Liberal Party seeks to capitalize on a surge in Canadian nationalism. The party had been bracing for a potential election defeat, but Trump’s recent threats to impose sweeping tariffs and his remarks about turning Canada into the 51st U.S. state have triggered backlash across the country.
The U.S. president has already slapped 25% tariffs on Canadian steel and aluminum and is threatening broader tariffs on all Canadian goods starting April 2. Trump has also questioned Canada’s sovereignty, calling the border a “fictional line,” sparking outrage among Canadians. In response, many citizens have boycotted American products and even booed the U.S. national anthem at NHL and NBA games.
Industry Minister François-Philippe Champagne, who will be part of Carney’s new cabinet, said the leadership transition presents an opportunity for a “reset” in Canada-U.S. relations. Carney has stated he is open to discussions with Trump but emphasized that any negotiations must respect Canada’s sovereignty and ensure a “comprehensive” approach to trade.
Carney, a seasoned economist, previously led the Bank of Canada through the 2008 financial crisis before becoming the first noncitizen to head the Bank of England in 2013, where he managed Brexit’s economic challenges. Now, he faces the daunting task of navigating Canada through a growing economic conflict with its largest trading partner.
With Carney at the helm and nationalism on the rise, the Liberal Party is seeing an uptick in public support ahead of the anticipated elections. However, how the new prime minister handles Trump’s economic aggression could determine the country’s political future.
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