Energy a key focus as Carney confirmed as incoming Canada Prime Minister

Former Bank of Canada governor Mark Carney has been appointed Canada’s Prime Minister (PM), taking over immediately from outgoing PM Justin Trudeau.

Carney, appointed leader of the country’s Liberal Party ahead of a general election, will need to use all his commercial and political acumen to boost the Canadian economy in the face of US tariffs and stave off the worst impacts of an escalating trade war.

Goods which meet US–Mexico–Canada (USMCA) criteria are being spared tariffs until 2 April but there are now 25% tariffs on goods that do not satisfy USMCA rules of origin, as well as a lower 10% tariff on those energy products imported from Canada that fall outside the USMCA preference, and a 10% tariff on potash. This is a key ingredient for fertiliser needed by US farmers.