Mark Carney set to become Canada’s new prime minister after Justin Trudeau’s resignation
Toronto – Canadian Liberal Party has selected senior central bank leader Mark Carney as its new leader, meaning he will quickly replace Prime Minister Justin Trudeau in the country’s highest position. The transition and Trudeau’s political downfall are Chaotic trade war President Trump has formed Canada’s closest ally.
The Canadian Prime Minister is still uncertain, and the exact date Carney will take office. The timing of the transition will be determined jointly by Carney and Trudeau.
Carney won nearly 86% of the votes with more than 151,000 votes. The next closest candidate received 11,144 votes.
The new leader will inherit a government led by a party that has seen support from Canadian voters over the past few years. As the opposition eagerly activates the election, the situation becomes increasingly urgent. Carney’s government could be overturned by parliament, calling for a new national election, which could be called any time between the return of parliament from March 24 to October 20, by which time the vote must be held.
Trudeau Announced in January that he would step down As the party leader, with this move, the pressure within the Liberal Party has become increasingly greater due to increasing pressure within the Liberal Party and the support of voters.
Trudeau’s resignation announced paving the way for the Liberal Party to choose a new leader, and Carney won an internal party election on Sunday – many Canadians hope to see him quickly form a new cabinet and then devote his decades of financial experience to the country’s trade war against Mr. Trump.
Who is Mark Carney?
Born in Fort Smith, Northwest Canada, Carney grew up in Edmonton, and then went to the United States to study for an economics degree from Harvard University. He later moved to the UK and earned his master’s degree, then received his PhD in Economics from a prestigious university in Oxford in 1995.
During the global financial crisis, he was appointed governor of the Bank of Canada – similar to the U.S. Federal Reserve and similar to the U.S. Federal Reserve.
Graham Hughes/Bloomberg by Getty Images
Carney has outweighed Canada’s influence, not only because he leads one of his most important central government agencies. In 2010, Time magazine listed him as one of the world’s 25 most influential leaders. In 2011, Digest Canada named him “The Most Trusted Canadian”, while Euromoney Magazine’s editor named him the 2012 Central Bank Governor of the Year.
During his tenure as the Central Bank of Canada, he also held several high-profile international positions, including as Chairman of the Global Financial System Committee and Head of the Financial Stability Committee for the world’s largest economy.
Between 2013 and 2020, Carney moved back to the UK after being hired as governor of the Bank of England, leading the UK Central Bank and helping the country through the economic convulsions brought by the EU’s “Brexit”. He was the first non-British citizen to rule the institution for 300 years.
Most recently, Carney served as the Special Envoy for UN Climate Action and Finance and served as the head of transition investment at Brookfield Asset Management. He resigned from both positions in pursuit of his Liberal leadership.
Carney’s reaction to Trump
Mr. Trump’s trade war and his frequent threats to make Canada the “51st state” of the United States were hot topics during the Liberal leadership movement. Carney, along with other candidates, stressed the importance of a strong domestic economy facing these threats.
Carney said Canada allowed its economy to become “weak”, leaving Mr. Trump’s impact on tariff-based pressure strategies. He said Canada is experiencing one of the worst economic crises in its history, which will require major reforms to ensure long-term strength and stability.
“I know how to manage the crisis,” Carney said during a debate at his party leadership. “I know how to build a strong economy.”
As prime minister, he said he would impose reciprocal tariffs on U.S. imports imported in the trade war and take advantage of Canada’s role as a key supplier of energy and uranium to its southern neighbors.
“To distinguish between things you can’t control, it’s important that we can control. We can’t change Donald Trump, but we can control our economic destiny.”
