Mark Carney officially took the oath as Canada’s Prime Minister on Friday, March 14, 2025, succeeding Justin Trudeau after nearly ten years of Liberal leadership. The ceremony, held at Rideau Hall in Ottawa, marked a pivotal transition as Carney, a former central banker with no prior Canadian political office, steps into a role fraught with challenges—notably, escalating tensions with the United States under President Donald Trump.
Carney’s ascent follows Trudeau’s January resignation, prompted by polls hinting at a Liberal Party defeat in the looming election. Yet, a surge in Canadian resistance to Trump’s policies—particularly trade tariffs and border disputes—has revitalized the party’s standing. Elected Liberal leader in a decisive March 9 vote, Carney now leads without a parliamentary seat, a rarity for a Canadian PM, relying on his global financial acumen to navigate turbulent times.
A renowned economist, Carney previously helmed the Bank of Canada (2008-2013) and the Bank of England (2013-2020), guiding nations through economic crises like the 2008 financial meltdown. His expertise is now tested by a strained U.S.-Canada relationship, Canada’s top trading partner, with Trump’s administration pushing aggressive trade policies. “Carney’s economic savvy could stabilize ties, but political inexperience is a wildcard,” says Islamabad-based analyst Farooq Khan, noting implications for Pakistan’s own trade networks.
In his farewell, Trudeau thanked Canadians for their trust, reflecting on his decade-long tenure that included legalizing cannabis and navigating COVID-19. Carney’s new cabinet retains key figures, with Chrystia Freeland—once a leadership rival—shifting from finance to transport minister, signaling continuity amid change.
For Pakistan, where U.S.-Canada dynamics influence global markets, Carney’s leadership holds indirect stakes. His focus on climate and economic resilience, honed at the Bank of England, may align with Pakistan’s interests in sustainable trade. Yet, with Trump’s unpredictable stance—evident in ongoing Ukraine ceasefire talks—Carney faces a steep diplomatic climb.
