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Mark Carney elevation to superior work in Canada is of particular importance at this time when his country is on the front line of a commercial war in North America. It becomes the “anti-trump” at the door of the president of the United States.
The former governor of the Bank of England chose to rely strongly to resist Donald Trump’s policies in his acceptance speech. He said that the president of the United States had brought “dark days” of “a country in which we can no longer trust” and that he was “proud” of the Canadians who resisted the United States “with their wallets.”
While in trade specifically, Mr. Carney promised to maintain retaliation tariffs “until Americans show us respect,” it was clear that general threats against Canadian sovereignty are equally important in their thinking.
Trump has repeatedly said that he will use economic power to encourage Canada to become state 51 of the United States, but Carney responded. “Americans want our resources, our land, our water, our country … Canada will never be part of the United States in any way or form,” he said.
Behind the scene, Carney has been encouraging a very robust response to Mr. Trump. As he told me last month in his only United Kingdom interview during his campaign to succeed the current Canadian Prime Minister Justin Trudeau, it was necessary “Put a thug”.
He ridiculed Trump’s accusations about Canada’s participation in the Fentanyl trade, and the suggestion of the United States president that Canada has started the United States. Canada’s commercial deficit is caused “completely” by its subsidized oil exports, Carney told me, and “we might ask for that subsidy.”
It follows the steps of former Italian Prime Minister Mario Draghi as a former upper central banker who became a G7 leader. It is a rare path, but it can be a good time when the closest neighbor of Canada has suggested to use the economic power to take over.
Carney has experience in this area by having treated a series of acute political-economic crisis, such as the bank accident, the Eurozone crisis, the acute sliding of Sterling after Brexit and the beginning of the pandemic.
He has also regularly attended G20 meetings at the leader level, even in Trump, as president of the Financial Stability Board, an international economic body. In one of those meetings, the Trump team threatened to leave the International Monetary Fund.
Carney believes that Trump only respects power. From any attempt to mold Trump, he said “good luck with that.” It will focus on greater tariff retaliation in bringing increases in inflation and interest rates to the “southern neighbor” of Canada.
Canadian elections must be presented in October, but Carney could call a previous one. Depending on that, he is ongoing to receive Trump in Canada at the G7 summit in June.
His rise to the main work increases bets for the United Kingdom. On the one hand, a more robust approach to an allied leader of the G7 contrasts with the attempt of the United Kingdom to hug the White House closely.
On the other hand, Carney also insinuated wanting to diversify “more reliable” commerce, which would include the United Kingdom and the EU. Canada could send its subsidized energy to Europe, instead of the United States.
The largest strategic point is that Carney’s history means an approach to international solidarity and the defense of the existing multilateral system. He says that Canada can “stand on their own feet”, but sees the merit in the creation of a more coherent international alliance to focus the minds of Congress and cases of these gangs in the Trump administration.
Canada’s new leadership awaits the support of its Commonwealth ally, the United Kingdom. After my recent interview with him, Carney turned the camera to the portrait on the wall of the office I was talking about: King Charles. The message was clear. Canada and the United Kingdom should be on the same side in this era of the New World.
