Mark Carney, the former central banker who oversaw the response to financial crises in North America and the UK, will become the next prime minister of Canada after winning the race to lead the country’s federal Liberal party. Carney, 59, takes on the role as Canada is locked in a potentially catastrophic trade war with the US, long its closest ally and largest trading partner. Last week Donald Trump announced a 25% tax on all Canadian goods, with a carveout for the automotive and energy sectors. The tariffs have the power to push Canada’s fragile economy into a recession. Carney has followed an unusual path to power: he will be only the second prime minister in Canadian history without a seat in the House of Commons. While no rule bars this, convention suggests Carney will need to quickly announce plans to run for a federal seat.
ET Online | 10 Mar 2025, 08:39 AM IST
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