Mark Carney Sworn in as Canada’s New PM

The ruling Liberal Party overwhelmingly backed Carney, hoping his leadership experience—gained from steering two central banks through historic crises—will reassure Canadians facing the threat of a trade war with the US. The swearing-in ceremony will take place at 11:00 am (1500 GMT) in Ottawa and be administered by the governor general, representing King Charles III.

At 59, Carney enters office as a political newcomer, having never held elected office. He pledged a "seamless and quick" transition, but he steps into the role with the US imposing sweeping tariffs and President Donald Trump’s provocative remarks about annexing Canada as the 51st state.

In his acceptance speech for the Liberal Party leadership last week, Carney struck a defiant tone, saying, "The Americans should make no mistake—Canada will win in trade, as in hockey." He added, "Canada will never be part of America, in any way, shape, or form."

Carney also expressed his willingness to negotiate a renewed trade agreement with the US to avoid further economic conflict, particularly after the US imposed a 25 percent tariff on Canadian steel and aluminum imports this week. In response, Canada enacted retaliatory tariffs on US goods.

Carney’s experience as a former investment banker at Goldman Sachs, along with his leadership as governor of the Bank of Canada and the Bank of England during the 2008-2009 financial crisis and Brexit uncertainty, has positioned him as a seasoned leader. He has emphasized that his expertise makes him well-suited to handle Canada’s increasingly complex relationship with the US, a country he now says Canada can "no longer trust."

However, Carney’s tenure could be short-lived. Canada is required to hold elections by October, with a potential snap election looming. Current polls show the opposition Conservatives as slight favorites, and Trump’s tariff policies are expected to dominate the campaign, particularly as they target Canada, Mexico, and China over issues like fentanyl smuggling and illegal immigration. Despite minimal smuggling at the Canada-US border, these issues have become central to US trade policy.