Mark Carney, an economist and political newcomer, will be sworn in as Canada’s new prime minister on Friday, just days after being elected leader of the governing Liberal Party.
In his previous roles as governor of the Bank of Canada, the country’s central bank, and of the Bank of England, Carney previously helped both countries weather major financial disruption.
That experience is expected to come in handy as Carney negotiates an ongoing trade war with US President Donald Trump.
He will replace outgoing Prime Minister Justin Trudeau after a landslide victory in last week’s Liberal leadership race.
Governor General Mary Simon will preside over the swearing-in of Carney – Canada’s 24th prime minister – and his cabinet ministers. The moment will formally mark the end of nine years of political power for Trudeau.
But the celebration surrounding his successor’s inauguration may be short lived, if Carney chooses to bring forward Canada’s next federal election – currently scheduled for October.
When the election does happen, Carney is expected to pitch himself as the best equipped candidate to take on Trump in the trade war he has launched since returning to the White House.
Carney has promised to uphold Canada’s reciprocal tariffs on specific American goods for as long as Trump maintains 25% universal tariffs on Canadian goods not covered by the Canada-United States-Mexico Agreement (CUSMA) trade deal.
“We can’t let him succeed,” Carney said in his victory speech on Sunday.
Until the Americans “show us respect” Carney said his government would keep tariffs on US 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 we have to look out for each other. We need to pull together in the tough days ahead.”
Canada is dependent on trade with the US. Economists say it risks a recession if Trump’s tariffs are fully imposed.
When the federal election comes, Carney’s main rival will be Conservative leader Pierre Poilievre who has been compared in his style to Trump – which is now seen by some pundits as an electoral liability rather than an asset.
Before the the threat of tariffs, Conservatives enjoyed a 20-point lead in some election polls. Now, some polls are indicating a much closer race.
When Canadians next go to the polls, the Liberals will face not only the Conservatives – who are the official opposition with 120 seats in the House of Commons – but also the Bloc Quebecois, who have 33 seats, and the New Democrats, who have 24.