Mark Carney Elected as Canada’s New Prime Minister, Takes Immediate Action Against Trump
Mark Carney, the former governor of both the Bank of Canada and the Bank of England, has officially won the race to become Canada’s next Prime Minister, succeeding Justin Trudeau at a pivotal moment for the country.
His leadership begins amid a heated trade dispute with Canada’s long-standing ally, the United States. And the new leader hasn’t wasted any time firing back at Donald Trump.
The trade war between the U.S. and Canada escalated when President Trump imposed a 25% tariff on Canadian and Mexican imports as part of his “America First” strategy. However, on Tuesday afternoon, Trump abruptly reversed his decision to double tariffs on Canadian steel and aluminum to 50%—just hours after making the announcement.
The abrupt U-turn, which sent shockwaves through financial markets, came after a Canadian official withdrew plans for a 25% surcharge on electricity.
