Prime minister Mark Carney And His projected liberal government is faced with economic challenges not seen for generations.
The Liberals were screened by Global News on Monday evening to form the government, although it is not clear at 8:31 a.m. in the east on April 29, whether it is a minority or a majority.
Anyway, Carney should lead Canada while the country faces a trade war launched by US President Donald Trump with prices imposed earlier this year.
Speaking in his victory speech, Mark, Carney, said: “Trump tries to break us so that America can own us. This will never happen, it will never happen. But … We must also recognize the reality that our world has fundamentally changed.”
Let’s take a look exactly why Carney is confronted.
How did the trade war start?
Earlier this year, Trump imposed prices on imports from almost all countries, some of the largest impacts felt by China and the European Union.
Canada has been affected with a 25% rate on all productswith a 25% additional on steel and aluminum25% on cars, as well as a 10% obligation for Canadian energy imports.
In response, the Canadian government has so far imposed reprisal counter-trials over 60 billion dollars in United States, among other countermeasures, including automotive counter-crush.
How did the world respond?
Economies from around the world have pivoted because the trade war reports important impacts on economies and businesses.
With higher prices, costs are higher, which means that consumers and businesses will be forced to make difficult decisions if they cannot find alternatives. This means sacrificing expenses, investing and In many cases, hiring.
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In anticipation of economic impacts, The stock markets are on roller coasters of volatility not seen over the years.
And it is not only investors and companies that change speed, because governments are forced to reconsider their trade relations – in particular with the United States.
What does Carney say about Trump?
Carney has sworn to put Canada in the best possible position for negotiations with the United States once the elections are over.
Among the prices’ campaign promises, Carney described the plans, especially to:
- Create a strategic response fund of $ 2 billion for the automotive sector
- Focus on Canadian supply chains for automotive and critical mineral sectors
- Provide financial relief to affected workers in counter-tail income
- Accelerate approvals of the energy project
- Strengthen the agricultural and business agricultural sector with new financing
- Invest $ 5 billion to stimulate the diversification of international trade aimed at obtaining new partnerships as an alternative in the United States.
This election may have resolved more than the candidates promise, and more on which leader invoked a feeling of confidence with the voters.
“This election (was) to a large extent, greater than usual, on skills,” explains the political science professor Christopher Cochrane at the University of Toronto, the addition of voters may have wondered: “Which of candidates (he) makes the most known to be able to direct the country through very difficult, dangerous, stimulating and realistic circumstances.”
Can Carney tackle the trade war?
With the trade war between the main problems for voters, Carney’s experience may have convinced the voters that he is the best placed candidate to lead Canada.
Carney said after winning the elections: “There is also for me, as I am in front of you this evening, humility recognizing that many have chosen to trust me and trust the Liberal Party.”
From private sectors to public sectors, Carney has held several management positions with private companies and government organizations.
Among its many titles detained in the past, Carney spent 13 years at Goldman Sachs before joining the Banque du Canada as a sub-Governor, then recruiting in the Canada Finance Department. From 2007 to 2013, Carney was governor of the Bank of Canada and was responsible for directing the economy and developing a monetary policy for lenders of the country during the 2008 financial crisis.
The current trade war, with implications of a recessionCertainly brings back the infamous financial and economic events of the COVVI-19 and 2008 recessions for Carney, who was already several weeks in the trade war as Prime Minister before the elections.
After his race at the Bank of Canada, Carney took a position similar to the Bank of England from 2013 to 2020, which included the British referendum to leave the European Union.
From 2020 to 2024, Mark Carny served in the private sector acting as vice-president of Brookfield Asset Management. In Brookfield, Carney was responsible for directing the company’s investment strategy for environmental, social and governance projects.
Carney’s time with Brookfield, as well as its private sector transition to politics, strongly examined by the conservatives.
Only time will tell us how Carney manages the pressure of uncertain economic opposite winds.
“What you want is a leader who is able to meet as effectively as possible the conditions they face to make the right choice,” explains Cochrane.
“I think we are in a very different type of political environment, not new in Canadian history, but new for everything except Canadians among us. And it will be very difficult years. ”
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