What Mark Carney’s victory means for the trade war with Trump
Global News
Mark Carney and the Liberal Party were elected to form government and effectively chosen to lead Canada through the trade war sparked by U.S. President Donald Trump.
Prime Minister Mark Carney and his projected Liberal government is facing economic challenges not seen for generations.
The Liberals were projected by Global News on Monday night to form government, though it’s not clear as of 8:31 a.m. Eastern on April 29 whether it would be a minority or majority.
Either way, Carney is set to lead Canada as the country faces a trade war sparked by U.S. President Donald Trump with tariffs imposed earlier this year.
Speaking in his victory speech Mark Carney said, “Trump is trying to break us so that America can own us. That will never, that will never ever happen. But…we also must recognize the reality that our world has fundamentally changed.”
Let’s take a look at exactly what Carney is up against.
Earlier this year, Trump imposed tariffs on imports from almost all countries, with some of the biggest impacts felt by China and the European Union.
Canada was hit with a 25 per cent tariff on all products, with an additional 25 per cent on steel and aluminum, 25 per cent on autos, as well as a 10 per cent duty for Canadian energy imports.
In response, the Canadian government has so far imposed retaliatory counter-tariffs on $60 billion in goods from the United States among other counter-measures including matching auto counter-tariffs.
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