Carney vows "Canada will win" tariff war

Investing.comMar 10, 2025 2:28 PM

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Mark Carney has been selected as successor to Justin Trudeau as Canada's prime minister, beating three Liberal Party rivals in a landslide victory of 86% votes.

Immediately, Carney sought to address the ongoing tariff dispute between the U.S. and Canada, announcing that, "In trade, as in hockey, Canada will win."

Carney, former governor of the Bank of Canada, spent much of his acceptance speech lambasting U.S. President Donald Trump, criticizing his tariff policy and his hopes to annex Canada as the 51st state.

The prime minister-designate supported Canada's retaliatory tariffs on the U.S.' 25% tariff on Canadian Goods, stating, "My government will keep our tariffs on until the Americans show us respect."

The U.S. established the levies last Tuesday, but have since exempted goods complaint with the USMCA trade agreement. Canada's economy is significantly dependent on U.S. trade, with many speculating a recession if tariffs are fully implemented.

Carney reiterated the importance of U.S. trade to Canada, saying that Trump is "attacking Canadian, workers, families, and businesses."

The former banker is expected to be sworn-in soon, and will lead a minority government in parliament until the next general election against the Conservative Party, led by Pierre Poilievre.

Since the trade dispute began, the Liberals have made significant headway to narrow the gap between the two parties, with some polls showing them tied.

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