In the context of escalating tensions in US-Canada trade relations and economic uncertainty, Canadian Liberal Party leader Mark Carney successfully won the election and is about to form a new government, shouldering the responsibility of leading the country out of the crisis.

Experts point out that Carney will face unprecedented economic challenges. How he responds to the trade war initiated by US President Donald Trump will determine whether this political novice can truly establish himself.

According to reports by Global News, as of 8:31 AM Eastern Time on April 29, the vote counting for the federal election has not been completed, so it is still unclear whether the Liberal Party can form a majority government. However, despite the uncertainty, newly elected Prime Minister Carney has inevitably become a key figure in this political and economic storm.

In his victory speech, Carney firmly addressed US President Donald Trump's tariff offensive against Canada: "Trump is trying to crush us to gain control over us. This will never happen. But we must also recognize that the world has fundamentally changed."

This trade dispute began when the Trump administration imposed tariffs on almost all imported goods at the start of the year, including traditional allies like Canada. In addition to a 25% tariff on all Canadian imports, steel and aluminum products faced an additional 25% tariff, while automotive products were also subject to a 25% surcharge, with energy imports taxed at 10%.

Canada quickly responded by announcing retaliatory counter-tariffs totaling CAD 6 billion on US products and imposing equivalent tariffs on American vehicles. The government also implemented multiple strategies, including financial subsidies and accelerated project approvals.

However, facing its large southern neighbor, Canada’s countermeasures are somewhat insufficient. The public is well aware of this, which is why they placed their trust in former central bank governor Carney during yesterday’s election.

During the campaign, Carney clearly outlined a policy blueprint to address the trade war. He promised:

To establish a CAD 2 billion strategic fund for the automotive industry;

To strengthen localization of critical minerals and automotive manufacturing supply chains;

To use revenue from counter-tariffs to support affected industries;

To invest CAD 5 billion in promoting trade diversification;

To expedite energy project approvals;

To provide new financing plans for agriculture and business sectors.

Carney emphasized that these measures would enhance Canada’s economic resilience and reduce reliance on trade with the US. He stated: "Voters have entrusted us with their confidence, and I will spare no effort to fulfill my mission."

Carney's resume may be exactly what voters value. As the former Governor of the Bank of Canada, Governor of the Bank of England, and executive in the private sector, he has experienced multiple major economic storms such as the 2008 financial crisis, the COVID-19 pandemic, and Brexit.

In the private sector, Carney served as Vice Chairman of Brookfield Asset Management, responsible for environmental, social, and governance (ESG) investment strategies. Although this experience was questioned by the Conservative Party, it highlighted his ability to lead across sectors.

Christopher Cochrane, a political science professor at the University of Toronto, pointed out that the key to this election lies in leadership: "In such a crisis-ridden situation, voters want to know who can truly guide us through the storm."

He added: "For most Canadians, these times are unprecedented, and the next few years will be extremely challenging."

Although winning the election is just the beginning, Carney's real test is yet to come. Against the backdrop of deepening US-Canada trade rifts and increasing global economic uncertainties, whether he can stabilize the economy and win public confidence will determine if this former central bank governor can truly establish himself in politics.

Source link:

  • https://globalnews.ca/news/11154583/canada-election-mark-carney-donald-trump-tariffs/

Original article: https://www.toutiao.com/article/7498747986894160424/

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