Mark Carney’s overwhelming victory in the race to become leader of the ruling Liberal Party was not unexpected. The 59-year-old former Governor of the Bank of Canada received about 86% of the votes, far surpassing the second-placed candidate who received only 8%.
The media considers the new Canadian Prime Minister a “star” in the financial sector, with many outstanding achievements, such as helping to handle the impacts of the 2008 global financial crisis on Canada and supporting the UK when it left the European Union (EU). Professor Grace Skogstad at the University of Toronto, Canada, commented that Mark Carney is a famous economist in the international arena and currently, Canadians want a capable leader.
His extensive financial management experience and deep understanding of the global economy, especially Europe, are important factors that helped Mark Carney gain the confidence to be elected leader of the ruling Liberal Party and become the 24th Prime Minister of Canada, as US President Donald Trump’s administration increases trade pressure on Canada.
After winning, Carney announced that he would maintain the retaliatory tariffs against the US and use the proceeds to support Canadian workers, pledging to build a stronger economy and create new trade relationships with trusted partners.
Relations between the US and Canada are at an alarming low with tit-for-tat tariffs. It all started when the Trump administration announced a 25% tariff on steel and aluminum from Canada.
In a tough response, Canada filed a complaint with the World Trade Organization (WTO), requesting consultations on the US tariff move, and imposed tariffs on about 20.6 billion USD worth of US imports, pushing the tariff war between Washington and Ottawa to a new level of tension. Not to mention, President Trump has repeatedly declared that he wants Canada to become the 51st state of the US, which Canadian officials consider a serious threat to national sovereignty.
Despite valuable experience handling and responding to financial and trade crises, the new Canadian Prime Minister has little political experience. It is believed that steering Canada facing many economic, diplomatic and domestic political problems will be a very difficult task for Mark Carney.
In addition to the stormy relations with the neighbouring country, the US, Canada is facing a long-standing diplomatic tension with India due to allegations of Indian interference in Canadian politics and disputes related to the Khalistan separatist movement. Canada-India relations have seen a significant rift under former Prime Minister Justin Trudeau.
Another challenge is that the new Canadian Prime Minister and the Liberal Party must prove their ability to govern the country to overcome the federal election scheduled in October. This is especially difficult when the support rate of the Liberal Party is declining, while the opposition Conservative Party is rising strongly by taking full advantage of voters’ dissatisfaction with economic difficulties.
Immediately after announcing his new cabinet, Prime Minister Carney will begin tackling economic and foreign affairs issues, including a trip next week to Paris and London to meet with French President Emmanuel Macron and British Prime Minister Keir Starmer on the trade war with the US. Despite facing many pressures, Carney pledged to build a better country and resolutely protect Canada’s sovereignty and interests, meeting the people’s expectations.
