It's the end of an era. Justin Trudeau hands over Liberal Party leadership to Mark Carney, ending his rule after nearly a decade at the helm. The former enfant prodige of Canadian politics, which has dominated the scene for nine years, sees his long mandate come to an end with theCarney's election, an internationally renowned economist and former governor of two of the major central banks: that of Canada and that of England, where he was the first non-citizen to hold the role since the foundation of the bank in 1694. With a impressive 85,9% approval rating, Carney, who many consider a bit of a “Mario Draghi Canadian“, was elected prime minister at a particularly turbulent time for Canada, engaged in a trade war with the United States, its most powerful and problematic neighbor, while internal instability grows day by day.
"We are in hard days, days brought by a country we can no longer trust,” Carney said, highlighting the gravity of the situation. “We are getting over the shock, but let's never forget the lessons. We must take care of ourselves and we have to watch each other’s backs. We have to be united in the difficult days ahead.”
But the former governor's path will not be easy. According to the Canadian Constitution, Carney will have to call new political elections by October 20 but there is also the possibility that they could be early, maybe already in April, to consolidate his position and forcefully face the political storm that awaits him, also taking advantage of the Trump effect.
The End of the Trudeau Era
Last January 6rd, Justin Trudeau had announced his resignation as prime minister, an inevitable decision after a period of growing political pressure and a sharp decline in his popularity. Despite having promised to remain in office until a new leader was elected, his leadership has been eroded by internal problems within the Liberal Party, including rising prices and difficulties in managing increased immigration. The growing popularity of his conservative rival Pierre Polyievre, who had gained a double-digit lead, has accelerated his decision to leave. In this scenario, theCarney's rise offers new hope to the Liberal Party, which saw in the former governor of the Canadian central bank the answer to Trudeau's difficulties, aiming for a leader who could lift the party's image.
"I know how to deal with crises and how to build a strong economy,” Carney said, promising to respond to the United States with tariffs of the same kind. “You have to know the difference between what you can’t control and what you can. We can’t change Donald Trump, but we can control our own economic destiny.”
And Trudeau himself, while leaving his role, urged his supporters to support the new leader, stressing that "democracy is not a given, freedoms are not a given, even Canada is not a given. "
Who is Mark Carney? A world-famous economist
Mark Carney, almost 60 years old, is a economist of extraordinary experience, known worldwide for his ability to navigate through economic crises. He served as Governor of the Bank of Canada from 2008 to 2013 and of the Bank of England from 2013 to 2020, demonstrating exceptional leadership in times of global instability. Before embarking on a career in central banking, heworked for 13 years at Goldman Sachs.
During the 2008 financial crisis, Carney led the Bank of Canada with skill, allowing the country to be among the first to overcome the devastating effects of the recession. His management during that period earned him wide international acclaim, cementing his reputation as a leading global economist. His tenure at the Bank of England further strengthened his position as one of the most respected voices in global economics.
In 2020, Carney took on a new role as UN Special Envoy for Climate Action and Finance, contributing to the promotion of policies for the ecological transition under the leadership of Secretary-General António Guterres.
Now, as prime minister, Carney faces new challenges, including trade tensions with the United States and domestic issues that are testing the country. And who better than him, with his vast international experience and ability to manage crises, to lead Canada through this delicate moment?
The challenge with Trump
The main challenge Carney will face at the beginning of his mandate will be the management of growing tensions with the United States, particularly due to the policies adopted by the Trump administration. After having imposed tariffs of 25% and 10% on Canadian products, President Trump continued to make provocative statements, including suggesting that Canada should become the “51st US State“. Trump claimed that the United States spends “hundreds of billions of dollars to support Canada,” a statement that likely refers to the trade deficit between the two countries, and added that “without this massive support, the Canada would not exist".
Carney has harshly criticized the tycoon's policies, accusing him of damaging the Canadian economy with trade tariffs and protectionist measures deemed unjustified. The former governor has never hidden his opposition to Trump's actions, even going so far as to to compare him to Voldemort, the villain from the Harry Potter saga, a comparison that leaves no room for doubt as to the hatred he feels for the President of the United States.
According to Carney, the United States is trying to exploit Canada's natural resources, including water and land, thus threatening Canada's way of life. He said, “The Americans they want our resources, our water, our land, our country. Think about it. If they succeeded, they would destroy our way of life.” He continued: “In America thehealth care It’s a big deal. In Canada it’s a right.”
In his first speech as leader, Carney made it clear that Canada will not be intimidated. He stressed that, although he had not sought confrontation, the Country is ready to respond to anyone who challenges him. “We didn’t ask for this fight, but Canadians are always ready when someone else puts down the gloves,” he said, vowing to maintain retaliatory tariffs until the United States respects Canada. In forceful language, Carney also called out the fundamental differences between the two countries, saying: “The'America is a melting pot. The Canada is a mosaic. America is not Canada. And Canada will never, ever, ever be part of America in any way.”
The trade war launched by Trump, combined with his ambition to annex it, has unleashed a reaction of national pride in Canada. Many citizens have decided to stop traveling to the United States and boycott American products, fueling a growing spirit of nationalism. And it is this sentiment that has helped increase support for the Liberal Party, with polls showing steady improvement.
“In business, as in hockey, Canada will win“, Carney reiterated, highlighting his commitment to protecting Canadian businesses and workers from harmful policies. And on Trump's ambition to annex Canada, he firmly stated: “The Canada will never be part of America in any way. "
Environment and early elections
Carney is not only a renowned economist, but also a fervent supporter of the fight against climate change. Throughout his career, he has followed with growing concern the intensification of extreme weather events and has promised to introduce rigorous environmental policies, including reallocating the carbon tax from households to large businesses, in an attempt to make the tax system more fair and sustainable.
Although it enjoys broad support within the Liberal Party, the Carney's mandate is not certain. Under the Canadian Constitution, the new leader is required to call general elections by October 20, but polls suggest that the Liberal Party may decide to bring them forward, with the possibility of organizing the vote as early as April, in an attempt to consolidate their political position.
