Mark Carney, former governor of the Bank of Canada, has been elected leader of the ruling Liberal Party and will succeed current Prime Minister Justin Trudeau as Prime Minister of Canada. After his election, Carney vowed to win the trade war launched by US President Trump.
Mark Carney (59) won the Liberal Party leadership election on Sunday (March 9) with nearly 86% of the votes. His main opponent, former Deputy Prime Minister Chrystia Freeland, only received 8% of the votes.
Trudeau is expected to hand over power to Carney in a few days, but Carney may not be prime minister for long. Canada must hold a general election by October, and Carney may announce a snap election soon. Current polls show that the opposition Conservative Party has a slight advantage.
Carney took over the leadership baton at a time when Trump threatened Canada’s economic future. He promised to fight Trump during the campaign, and after winning the election, he did not hesitate to take a provocative stance against Trump, accusing Trump of “attacking Canadian workers, families and businesses.” “We can’t let him succeed,” Carney said.
Trump’s tariff war against trading partners is disrupting the global economy, and his tariff measures are changing overnight and erratically. In just three days last week, Trump first imposed a 25% tariff on most goods from Canada and Mexico, then announced a one-month suspension of tariffs on goods that comply with the North American Free Trade Agreement, and then threatened to impose reciprocal tariffs on Canadian lumber and dairy products.
Canada’s economy is highly dependent on trade with the United States. Trump has expressed his hope to use “economic means” to make Canada the 51st state of the United States, which has aroused the anger of patriotic Canadians, who boycotted American products and asked the government to find new trading partners.
Making Canada an “energy superpower”
In his victory speech, Carney said: “The United States covets our resources, our water, our land and our country. … The United States is not Canada, and Canada will never be part of the United States in any form.”
Carney said: “We did not seek this fight, but Canadians are always ready to meet the challenge posed by others. So Americans, make no mistake, because whether it is trade or hockey, Canada will win.”
Carney indicated that the Canadian government will continue to impose retaliatory tariffs on American goods until “the United States shows respect and makes credible and reliable commitments to free and fair trade.” All tariff revenue will be used to protect Canadian workers.
He also promised to make key investments to make Canada the strongest economy in the Group of Seven, including establishing new trade corridors with reliable partners, and to make Canada an “energy superpower.”
Carney portrays himself as an economic crisis manager
Carney will be Canada’s first prime minister without political experience. He has never held elected office or served in a government cabinet. He worked at investment bank Goldman Sachs for 13 years and became the governor of the Bank of Canada in 2008, responsible for Canada’s monetary policy during the international financial crisis. In 2013, Carney became the governor of the Bank of England, becoming the first non-British person to hold this high position and leading the Bank of England to deal with Brexit.
During the campaign, Carney portrayed himself as an experienced economic crisis manager and believed that these experiences made him the ideal candidate to deal with Trump. But analysts pointed out that Carney’s untested campaign skills may become his weakness.
