Who is Mark Carney, Canada’s new PM?

Carney’s time at the Bank gave him plenty of experience dealing with Donald Trump – who has not only imposed steep tariffs on Canada since returning to office in January, but has also suggested that America should annex its less powerful neighbour.

From 2011-18, Carney was chair of the Financial Stability Board, which co-ordinated the work of regulatory authorities around the world, giving him a key role in the global response to the policies of the first Trump presidency.

He was a regular at the G20 meetings, with a pitch-side view of Trump on the global stage.

Although he kept his thoughts on the US president to himself at the time, he has been much more frank in recent days.

After Trump made repeated comments about making Canada the 51st state, he was less diplomatic, comparing him to the villain in the Harry Potter books.

“When you think about what’s at stake in these ridiculous, insulting comments of the president, of what we could be, I view this as the sort of Voldemort of comments,” Carney said.

“Like I will not even repeat it, but you know what I’m talking about.”

He seems prepared to dig in his heels as the trade war continues, noting he would continue to impose counter-tariffs “until the Americans show us respect … and [make] credible and reliable commitments to free and fair trade”.

The Liberals have reportedly courted him for a decade, but until recently the 60-year-old had brushed off the idea.

“Why don’t I become a circus clown?” he told a reporter in 2012.

Things changed, however, when Trudeau stepped down in January after his finance minister, Chrystia Freeland quit his cabinet, sparking a party squabble that, coupled with Trudeau’s tanking poll numbers, led the prime minister to announce his resignation.

Reports suggested Trudeau had intended to replace Freeland with Carney in the finance post.

Freeland – a personal friend – even ran against him in the race to replace Trudeau. But Carney won by a landslide, pitching himself as the best equipped to take on Trump, who has imposed steep tariffs on Canadians goods.

“I know how to manage crises,” Carney said during a leadership debate late last month. “In a situation like this, you need experience in terms of crisis management, you need negotiating skills.”

Still, his time in the world of finance has opened him up to criticism from political rivals in Canada.

The Conservatives have accused Carney of lying about his role in moving investment firm Brookfield Asset Management’s head office from Toronto to New York, though Carney says the recent formal decision to relocate the firm was made after he quit the board.

They have also pushed him to disclose his financial assets over conflict-of-interest concerns.

Carney has placed his assets in a blind trust and has said he is in full compliance with existing conflict-of-interest rules, but has been pressed for more transparency.

In addition to Carney’s get-tough-on-Trump approach, he has proposed a number of policies to address at-home issues as well.

He is known as an advocate for environmental sustainability. In 2019 he became a UN special envoy for climate change, and in 2021 launched the Glasgow Financial Alliance for Net Zero, a grouping of banks and financial institutions working to combat climate change.

One of the most contentious parts of Trudeau’s platform has been the carbon tax, which saw Canadians pay a tax on carbon emissions, and receive a rebate. Conservatives repeatedly promised to end the tax, which they say does little for the environment.

Shortly after being sworn in, Carney signed an order-in-council scrapping the tax from 1 April, though he has in the past advocated for similar policies.

“This will make a difference to hard-pressed Canadians,” he said.

On the campaign trail, he has also advocated for making Canada a “clean and conventional” energy superpower, and to speed up major project approvals.

Carney has called himself a “pragmatist” when questioned about potential conflicts between his energy policies and his climate values.

On immigration, Carney has advocated for a cap on current immigration targets, in order to ensure that Canada’s housing and healthcare systems are not stressed. The issue had come to the fore last year, with Trudeau lowering targets amid critics saying the country’s immigration system was overrun.

His biggest mission, he had said, will be to keep Canada’s economy growing, despite slowed trade with the US.