From Bloomberg Markets and Finance.
Mark Carney has been sworn in as Canada’s 24th prime minister, bringing the former central banker to power in the middle of an explosive trade war with the US.
The former governor of the Bank of Canada and the Bank of England was officially installed as Canada’s leader at a ceremony in Ottawa on Friday, five days after the Liberal Party members voted overwhelmingly for him to replace Justin Trudeau as head of the party. He assumes the role at perhaps the most hostile moment in Canada-US relations in recent history.
US President Donald Trump has threatened to use “economic force” to try to turn Canada into a US state and has already imposed steep tariffs on many Canadian goods, with Canada retaliating in kind. The escalating trade tensions between the countries have already hampered business and consumer spending plans. Additional tariffs expected next month have the potential to plunge Canada into a recession this year
Dartmouth professor of economics Doug Irwin questions President Trump’s trade war strategy and discusses why he believes it may ultimately hurt the United States. Professor Irwin speaks with Tom Keene and Paul Sweeney on Bloomberg Radio.
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