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Mark Carney has been sworn in as Canada’s 24th prime minister, capping a sudden rise to power for the former governor of the Bank of Canada and the Bank of England.
Less than a week ago, Carney beat the former finance minister Chrystia Freeland, the former government house leader Karina Gould and the former member of parliament Frank Baylis with a dominant 85.9% of the vote, in a closely watched leadership race. He has no prior elected experience and does not have a seat in the House of Commons, making him a rarity in Canadian history.
Carney is expected to announce an election in the coming days, reflecting both the urgency of Canada’s trade war with the US, and the awkward reality that as prime minister without a seat in parliament, he is unable to attend sessions of the House of Commons.
The effects of Donald Trump’s economic attack on Canada are so wide-ranging and so damaging that they are likely to overshadow all other issues in the coming months. US trade tariffs, if held in place for an extended period of time, could push Canada’s fragile economy into a recession and unleash a cascading chain of knock-on upheavals.
An election would also put limits on spending for political parties, which disproportionately affect the cash-flush Conservative party. The Conservatives lead the polls, but the lead is narrowing.
Earlier on Friday morning, Justin Trudeau formally resigned as prime minister, capping a nearly decade-long tenure that saw a rise in favourability in his final weeks as he stared down threats to Canadian sovereignty pushed by Trump. “Thank you, Canada – for trusting in me, for challenging me, and for granting me the privilege to serve the best country, and the best people, on Earth,” Trudeau said on social media.
In announcing his new, smaller cabinet, Carney left key ministers in cabinet. The finance minister, Dominic LeBlanc, was shifted to minister of international trade, the foreign affairs minister, Mélanie Joly, kept her role, and the industry minister, François-Philippe Champagne, took on the role as finance minister. Bill Blair remained as minister of national defence.
Notably, Carney brought his former leadership rival Freeland back into cabinet, as she assumed the role of transport minister. Freeland has previously served as foreign minister, finance minister and deputy prime minister.
Carney removed some key ministers who served in Trudeau’s cabinet and were seen as close allies of the former prime minister, including the health minister, Mark Holland, who endorsed Freeland in the leadership race and the immigration minister, Marc Miller, a longtime friend of Trudeau.
Also absent was the former government house leader Gould, who placed third in the Liberal leadership race.
“I am committed to supporting our government as we defend Canada from Donald Trump and his ill-conceived and unjustified trade war,” Gould wrote on social media. “I will continue to stand up for my constituents … and fight for a fairer, more inclusive, more prosperous Canada in Ottawa.”
In recent weeks, the Liberals have reversed a political freefall, sharply rebounding to such a degree that a previously expected Conservative majority in the next general election looks increasingly unlikely. The shift in the polls has been so dramatic that pollsters have struggled to find any historical precedent.
A newly released poll from Abacus Data showed the Conservative support had shrunk to 38%, with 34% going to the incumbent Liberals.
In a result likely to concern Conservatives, Abacus asked respondents who was best qualified to handle tasks as future prime minister, including finding common ground, standing up to a bully and helping people manage household expenses. Carney was seen as more skilled at six of the eight.
Heading into the event, the former prime minister Jean Chrétien said Carney “will do very well”, adding: “He is respected internationally.”
