Former central banker Mark Carney is being sworn in as Canada’s next prime minister on Friday, succeeding Justin Trudeau, who announced his resignation in January after nearly a decade in power and a slump in support last year.
The ruling Liberal Party has given Carney broad support to replace Trudeau. The support is based on the hope that Carney’s experience leading two central banks during historic crises will reassure a population facing a potentially devastating trade war.
The swearing-in ceremony will take place in Ottawa at 11:00 a.m. (1500 GMT) and will be presided over by the governor general, a representative of King Charles III. As a political newcomer at 59, who has never held public office, Carney has promised a “smooth and swift” transition.
But he is taking office as US President Donald Trump imposes sweeping import tariffs and repeatedly threatens to annex Canada as the 51st state of the United States. “So Americans, make no mistake, in trade as in hockey, Canada will win,” he said in his acceptance speech for the Liberal Party leadership last week, defiantly addressing the United States. “Canada will never be part of America in any way, shape or form, never will be.”
Carney was an investment banker at Goldman Sachs after serving as governor of both the Bank of Canada and the Bank of England during the 2008-2009 financial crisis amid uncertainty surrounding the Brexit vote.
He has sought to portray himself as someone intent on leading a country rocked by a trade war with its southern neighbor and once its staunchest ally. Carney says Canada can no longer trust its southern neighbor and once its most steadfast ally.
But he may not have the job for much longer. Canada is due to hold an election by October, but a snap poll could be held within weeks. Current opinion polls show the opposition Conservatives as a slight favorite. The threats Trump has raised will certainly dominate the campaign.
Trump’s tariff war has targeted Canada, Mexico and China, accusing them of not doing enough to stop fentanyl smuggling into the United States or illegal immigration. In Canada’s case, the border also appears to be a negligible source of smuggling.
