Mark Carney, a banker-turned politician, will succeed Justin Trudeau this week as Canada‘s new Prime Minister and leader of the Liberal Party.
Trudeau, who has been PM for more than nine years, has recently seen his approval ratings drop significantly, forcing him to resign.
On Sunday, March 9, the ruling Liberal Party held an election that saw the victory of Mark Carney, a political novice who took 86 percent of the vote.
He defeated his main challenger, Christian Freeland.
Only 152,000 members of the ruling liberal party voted. Mark won the election and will become PM without a seat in the Canadian House of Commons.
According to Reuters, they will have to get a parliamentary seat soon, as tradition demands.
Now to be sworn in as PM in the coming days, he is expected to call for general elections latest on October 20.
Canada’s Trade War With US
The former G7 central bank director for Canada and the UK has a hideous task that awaits him.
He is taking over at a time when Canada’s neighbour and long-time ally, the United States, is waging a trade war.
US President Donald Trump has imposed 25 percent tariffs on Canadian goods.
Canada’s economy is largely dependent on export. Aside from that, President Trump is nursing ambitions to see Canada join the US as its 51st state.
However, Mark Carney has said he is the best man for the job to deal and negotiate tariffs with Trump.
“My government will keep our tariffs intact until the US shows us some respect,” he said.
Commenting on the already retaliatory tariffs on the US, he said they will have a significant impact on the US and a minimum on Canada.
After his swearing later this week, Carney will have to prove his mettle by effectively containing the trade tension with the US.
