Mark Carney, former Governor of the Bank of Canada and the Bank of England, is set to be sworn in as Canada’s 24th Prime Minister on Friday, March 14, 2025. His inauguration follows his overwhelming victory in the Liberal Party leadership race on March 9, where he secured 86% of the votes, succeeding Justin Trudeau, who announced his resignation earlier in January after nearly a decade in office.
Carney’s transition into politics comes at a time of heightened trade tensions between Canada and the United States. The U.S., under President Donald Trump, recently imposed a 25% tariff on steel and aluminum imports, prompting Canada to introduce retaliatory measures. Despite this, Carney has expressed a willingness to engage in discussions with the U.S. administration, stating that he is open to negotiations as long as Canadian sovereignty is respected.
As part of his governance strategy, Carney has pledged to streamline the federal cabinet, reducing the number of ministers from the current 37 to between 15 and 20. This move aims to improve government efficiency and responsiveness.
Carney, 59, is a political newcomer, having never held an elected office before. However, his extensive experience in economics and finance is expected to shape his leadership approach, particularly in tackling economic challenges and fostering sustainable growth.
The swearing-in ceremony will be officiated by Governor General Mary Simon, officially marking the beginning of Carney’s tenure as Canada’s new Prime Minister.
