Mark Carney is set to be sworn in as Canada’s 24th prime minister on Friday, March 14, 2025, at Rideau Hall in Ottawa. The ceremony, presided over by Governor General Mary Simon, will commence at 11 a.m. Eastern Time.
Carney, a former governor of both the Bank of Canada and the Bank of England, was elected leader of the Liberal Party on Sunday, March 9, succeeding Justin Trudeau, who has led the country for over nine years.
His assumption of office comes amid escalating trade tensions with the United States.
In response to U.S. President Donald Trump’s imposition of a 25% tariff on Canadian steel and aluminum imports, effective March 12, Canada has announced reciprocal tariffs totaling approximately $29.8 billion. These countermeasures include a 25% tariff on U.S. steel products worth $12.6 billion, aluminum products worth $3 billion, and additional goods such as tools, computers, sports equipment, and cast-iron products amounting to $14.2 billion.
Carney has expressed readiness to engage with President Trump, emphasizing the importance of respecting Canadian sovereignty and seeking a common approach to trade. He criticized the U.S. tariffs as unjustified and detrimental to both economies, highlighting his commitment to defending Canadian interests while aiming to renew economic and security partnerships with the U.S.
The incoming prime minister is expected to appoint a streamlined cabinet, with reports suggesting a reduction from the current 37 ministers to between 15 and 20. Key figures anticipated to retain their positions include Foreign Minister Mélanie Joly, Finance Minister Dominic LeBlanc, and Innovation Minister François-Philippe Champagne.
Carney’s leadership begins during a period of heightened economic uncertainty, with the trade dispute posing significant challenges to Canada’s manufacturing sector. Both nations have expressed concerns about the impact of tariffs on jobs and industry, underscoring the urgency for diplomatic resolutions to prevent further economic strain.
As Carney prepares to assume office, his administration faces the immediate task of navigating these complex trade relations while maintaining Canada’s economic stability and asserting its sovereignty on the global stage.
