The head of the central bank and a political outsider. What do the media write about the future Prime Minister of Canada
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- The head of the central bank and a political outsider. What do the media write about the future Prime Minister of Canada
Mark Carney will become the new Prime Minister of Canada. Previously, he headed central banks in his native country and in the UK. The change of the head of state is taking place against the backdrop of a trade war with the United States, which threatens to turn into a crisis for Ottawa. What the media write about the change of power in Canada is in the Izvestia digest.
Reuters: in Canada, the former head of the central bank will become the new prime minister
Former head of the central bank of Canada Mark Carney won the election of the leader of the ruling Liberal Party and will replace Justin Trudeau as prime minister. The 59-year-old politician won 86% of the vote and defeated former Finance Minister Chrystia Freeland in a vote in which about 152 thousand party members participated.
Reuters
"There is someone who is trying to weaken our economy,— Carney said of [US President Donald] Trump. Trump, causing loud shouts of indignation at the party meeting. "He's attacking Canadian workers, families, and businesses. We can't let him succeed. This will not be a normal business. We will have to do things that we never imagined before, at speeds that we thought were impossible."
In January, Trudeau announced his retirement after more than nine years in power as his approval ratings plummeted. This forced the Liberal Party to hold an urgent contest to replace him. Carney is new to politics, but argues that he is best suited to negotiate trade with Trump, who is threatening to impose additional tariffs.
Associated Press: Carney helped Britain cope with the Brexit crisis
Canada's next prime minister, Mark Carney, helped run two G7 economies during his career. He headed the central banks of Canada and the United Kingdom when both countries were going through difficult periods.
Associated Press
Carney dealt with crises when he was head of the Bank of Canada and when, in 2013, he became the first non-citizen to head the Bank of England since its founding in 1694. His appointment received bipartisan praise in the UK after Canada recovered from the 2008 financial crisis faster than many other countries. He helped to deal with the worst consequences of Brexit in the UK.
Trump's trade war and his talk of making Canada the 51st U.S. state have angered Canadians lately. The surge in Canadian nationalism has boosted the Liberal Party's chances in the parliamentary elections expected in the coming days, and the Liberals' results in opinion polls are improving.
Financial Times: Carney faces election and trade war with Trump
In his new role, the former head of the two central banks faces two urgent challenges: to save the Liberal Party from electoral defeat and negotiate a trade truce with Trump. Polls show that the Liberals are narrowing the gap with the opposition conservatives to 8 percentage points with Carney at the head. Part of the reason for this is Trump's policies.
Financial Times
To remain prime minister for more than a few months, Carney will need to convince the general public, not just liberal voters, that he is the right man for the job. He is likely to announce federal elections shortly after taking the oath of office this week.
Carney is under attack from conservatives for having moved the headquarters of the Brookfield Asset Management investment company from Canada to New York and maintained an opaque real estate portfolio. Robert Asselin, a former economic adviser in the Trudeau government, noted that Carney's economic experience is beyond doubt, but there are doubts about how attractive he is from a political point of view.
The Washington Post: Carney positions himself as a political outsider
During the election campaign, Carney positioned himself as a balanced political outsider with the crisis management experience needed to stand up to Trump and overcome the consequences of a trade war that could lead the economy into recession. In his victory speech in Ottawa, Carney said Canada was facing "the most important crisis of our lives."
The Washington Post
Carney is untested as a politician. He stumbles while speaking French, which can be a problem in the troubled province of Quebec. It is unknown how he will handle the campaign against Conservative Party leader Pierre Pouillevre, a lifelong politician with an aggressive style. Pouillevre said on Sunday that the Liberals were "trying to trick Canadians into electing them to a fourth term by replacing Trudeau with his economic adviser."
During the election campaign, Carney promised to respond to Trump's tariffs with taxes on American goods and use the proceeds to help Canadian workers. He said Canada should focus on diversifying trade relations and becoming less dependent on the United States. Carney promised to repeal the consumer carbon tax and the planned increase in the capital gains tax, and promised to balance part of the budget within three years.
CNN: The US will postpone separate duties for Canada for a month
U.S. Commerce Secretary Howard Lutnick confirmed that President Trump's promised 25 percent tariffs on steel and aluminum imports from Canada will take effect on March 12. At the same time, duties on Canadian dairy products and lumber will be postponed until April 2.
CNN
This seems to mark another turn in Trump's trade statements over the past week: when the president first announced tariffs on dairy products and lumber on Friday [March 7], he said they could be imposed as early as tonight, "or we'll wait until Monday or Tuesday."
On April 2, Trump also scheduled the lifting of the suspension of duties on many other goods from Canada and Mexico. Lutnik acknowledged that American consumers may face rising prices for "some products" as a result of the president's trade policy. He also denied the possibility of a recession in the United States.
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