Mark Carney, the leading contender to replace Justin Trudeau as Canada’s next prime minister, has vowed that Canada will not back down in response to the latest tariffs imposed by U.S. President Donald Trump. In an exclusive interview with BBC Newsnight, Carney, 59, declared that Canada would “match dollar for dollar the US tariffs” and would “stand up to a bully.”
The White House announced on Saturday that it would be imposing a 25% tariff on Canadian imports, alongside similar tariffs on Mexico (25%) and China (10%). The move has sparked strong reactions from Canadian leaders, with outgoing Prime Minister Justin Trudeau promising a “forceful” and “immediate” response. Trump has also signaled further trade tensions, stating that he plans to impose tariffs on the European Union in the near future.
Carney, who launched his bid to lead the governing Liberal Party in January, has emerged as the frontrunner among five candidates vying to replace Trudeau. The leadership contest will conclude on March 9, and the winner will not only take over as party leader but also as Canada’s prime minister. The country is then required to hold a federal election by October 20, with the Liberal Party currently trailing the Conservatives in national polls.
Carney, a former governor of both the Bank of Canada and the Bank of England, has criticized Trump’s tariff policy, warning of its economic consequences. “They’re going to hit growth. They’re going to move up inflation. They’re going to raise interest rates,” he said, adding that this is the second time in under a decade that the U.S. has “ripped up a trade agreement with its closest trading partner.”
The economic impact of the new tariffs is expected to be severe for both Canada and the U.S. Economists predict that Canada’s economy will take an immediate hit, while American consumers could face higher prices. Tariffs have long been a cornerstone of Trump’s economic policy, with the president arguing that they protect U.S. jobs and generate tax revenue.
While Canada braces for these economic challenges, the political landscape is also shifting. Trudeau’s decision to step down after nine years in office marks a pivotal moment for the country. If Carney secures the Liberal leadership and leads the party to victory in the upcoming election, his stance on trade and economic resilience will likely define his tenure.
As tensions escalate, Canada’s response remains clear: it will not bow to pressure and will take decisive action to protect its economy and trade interests.
