TORONTO (AP) — Former Canadian Central Bank manager Mark Carney was sworn in as the new Prime Minister of Canada on Friday, and now he will try to guide his country through a trade war provoked by U.S. President Donald Trump, a threat of annexation, and upcoming federal elections.
Carney, 59, replaces Prime Minister Justin Trudeau, who announced his resignation in January but remained in power until the Liberal Party elected a new leader. It is widely expected that Carney will call for general elections in the coming days or weeks.
The Liberal Party in power seemed to be heading towards a historic electoral defeat this year until Trump declared an economic war and threatened to annex the entire country as a 51st state of the US. Now the party and its new leader could emerge victorious.
What will Carney do to contain Trump?
Carney has stated that he is ready to meet with Trump if he shows “respect for Canadian sovereignty” and is willing to adopt “a common approach, a much more comprehensive approach to trade.”
Trump imposed 25% tariffs on Canadian steel and aluminum, and is threatening with general tariffs on all Canadian products starting on April 2nd. He has threatened with economic coercion in his threats of annexation and suggested that the border is a fictitious line.
The trade war between the United States and Trump’s comments about turning Canada into the 51st state of the US have angered Canadians, who are booing the US anthem at NHL and NBA games. Some are canceling trips south of the border, and many are avoiding buying American products when they can.
The increase in Canadian nationalism has strengthened the chances of the Liberal Party in parliamentary elections expected in days or weeks.
Who is Mark Carney?
Carney, who navigated the crisis at the helm of the Bank of Canada since 2008, and later in 2013 when he became the first non-British citizen to lead the Bank of England—helping manage the worst impacts of Brexit in the UK—will now attempt to guide Canada through the trade war sparked by Trump.
Carney, a former Goldman Sachs executive with no political experience, becomes the 24th Prime Minister of Canada.