'Canada never…will be part of US': Mark Carney to succeed Justin Trudeau as 24th PM amid strained ties | 10 updates

Mark Carney has emerged victorious in the race to become Canada's 24th prime minister, taking the helm of the country just as the administration of US President Donald Trump poses significant challenges to its economic future.

Here are the top 10 updates:

1. The former governor of both the Bank of Canada and the Bank of England secured the leadership of the Liberal Party of Canada with almost 86% of the vote. The handover of power from Justin Trudeau to Carney is expected to happen shortly, and he may call for a national election soon after, Bloomberg reported.

2. Carney, 59, assumes leadership at a time when the US White House is causing turbulence in the global economy, particularly with its unpredictable tariff announcements affecting trade relations, according to the report.

3. In just three days last week, Trump implemented a 25% tariff on most goods from Canada and Mexico, then offered a one-month delay for those that comply with the North American trade agreement. Shortly after, he threatened to impose additional significant tariffs on Canadian lumber and dairy. On Sunday, US Commerce Secretary Howard Lutnick indicated that the 25% tariffs on US imports of steel and aluminum are set to take effect on March 12.

Also Read: Who is Mark Carney? Canada PM Justin Trudeau’s potential successor, once compared Donald Trump to ’Voldemort’

4. Canada is deeply reliant on trade with the US, and Trump has expressed a desire to use "economic force" to push Canada toward becoming the 51st state. His actions have fueled intense patriotic anger in Canada, leading consumers to boycott American products and call on the government to explore new trade partnerships. Trudeau has emphasised that Trump's threats to Canadian sovereignty must be taken seriously.

“America is not Canada”

5. “America is not Canada. And Canada never, ever, will be part of America in any way, shape or form,” Carney said in his victory speech on Sunday.

6. “We didn’t ask for this fight, but Canadians are always ready when someone else drops the gloves. So Americans should make no mistake: in trade, as in hockey, Canada will win.”

7. Carney pledged to keep the government’s retaliatory tariffs on US goods until “the Americans show us respect — and make credible, reliable commitments to free and fair trade.” All proceeds from the levies will be used to protect workers, he said.

8. He also promised to make key investments to turn Canada’s economy into the strongest in the Group of Seven, including by creating new trade corridors with reliable partners and turning the country into an “energy superpower.”

9. During the leadership race, Carney positioned himself as a seasoned crisis manager, highlighting his leadership of major central banks during critical times — in Canada during the global financial crisis and in the UK amid its turbulent exit from the European Union, according to Bloomberg.

10. Carney pledged to scrap Liberal plans to increase the capital gains tax, eliminate the consumer carbon tax and use the power of the federal balance sheet to invest in major projects. He also said he would split the federal budget into two — an operating budget that he promises to balance and a capital spending budget that would be allowed to allocate tens of billions of dollars to investments in productivity-boosting infrastructure, Bloomberg reported. “We can give ourselves far more than Donald Trump can ever take away,” Carney said. “This won’t be business as usual. We will have to do things that we haven’t imagined before, at speeds we didn’t think possible.”

Canada must hold an election by October, but the Liberal Party’s perilous status in Parliament, where it has fewer than 50% of the House of Commons seats, means it’s expected sooner.

(With inputs from Bloomberg)