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‘Until US shows respect’: Mark Carney says Canada won’t back down on retaliatory tariffs
Mark Carney secured a landslide victory in the Liberal Party leadership contest and will be sworn in as prime minister within days, replacing Justin Trudeau.
Prime Minister-designate Mark Carney said Canada will keep in place its retaliatory tariffs against US-made products for as long as President Donald Trump persists with a trade war.
In his victory speech, Carney said his government would stand firm against unfair trade practices.
“The Canadian government is rightly retaliating with our own tariffs. My government will keep our tariffs on until the Americans show us respect — and make credible, reliable commitments to free and fair trade,” said Carney.
Winning 86 percent of the vote, Carney secured a landslide victory in the Liberal Party leadership contest and will be sworn in as prime minister within days, replacing Justin Trudeau.
The former governor of the Bank of Canada and the Bank of England is set to take charge after the decisive win.
Last week, the Trump administration imposed 25 percent tariffs on most Canadian and Mexican products. In response, Canada introduced its own 25 percent tariffs on C$30 billion ($20.9 billion) worth of goods, including orange juice, coffee, and fruit.
The government has warned of expanding the tariffs to cover an additional C$125 billion worth of US-made goods, including cars, trucks, steel, and various food items.
President Donald Trump said tariffs on some Canadian and Mexican goods set for April 2 “could go up,” but did not say if the US would face a recession in 2025.
Speaking on Fox News’ Sunday Morning Futures With Maria Bartiromo, Trump said the one-month delay for Canada and Mexico was a “little bit of a break” and that reciprocal tariffs would take effect on April 2.
In February, Trump announced 25 percent tariffs on goods from both countries. He first delayed them for a month, then imposed them on Tuesday.
On Wednesday, he paused tariffs on automakers for another month, and on Thursday, he extended the delay for Mexican and Canadian goods under the USMCA trade deal until April.
With Bloomberg inputs
