- Mark Carney will replace Justin Trudeau
- He promised to keep tariffs on until the Americans show some respect
Former central banker Mark Carney will replace acting Prime Minister Justin Trudeau and will keep tariffs on until the Americans show some respect.
More About the Choosing of Mark Carney as Canada’s New Prime Minister
The choice of Justin Trudeau’s successor has taken an unexpected turn, as Mark Carney is the first candidate for the position without a direct political background.
Recall that Justin Trudeau announced that he was resigning in January when the Liberal Party experienced record historic declines in its approval ratings among voters. To that end, the party staged a quick contest to avoid losing ground and as a result Mark Carney, 59, took 86% of votes cast to beat former Finance Minister Chrystia Freeland in a contest in which just under 152,000 party members voted.
Yet, as a former central banker and experienced as the first person to serve as governor of two G7 central banks – namely Canada and England – he could be extremely effective in Donald Trump’s current trade war.
Mark Carney has made it clear that he will advocate a strong stance against US pressure:
“There’s someone who’s trying to weaken our economy. He’s attacking Canadian workers, families, and businesses. We can’t let him succeed.”
“This won’t be business as usual. We will have to do things that we haven’t imagined before, at speeds we didn’t think possible.”
He also indicated that he would impose retaliatory measures and would adhere to them until he sees the desired response from the US:
“My government will keep tariffs on until the Americans show us some respect.”
Conclusion
It is hard to say whether Mark Carney will be the man to turn the surge in Canada’s favor. But persistence makes a difference, and he seems to have it, and his experience may prove to be highly relevant in this situation.
Let’s be very careful, because these economic players and their trade relationships are some of the most pivotal for the entire world, and the outcome of this could affect a lot of other sides. Stay tuned for updates and be adaptive to the rapidly evolving political, financial, and crypto landscape.
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