Good morning. As Donald Trump hits his 100th day in office today, here’s one accomplishment he can clearly claim: swaying the outcome of Canada’s national election. “Trump loomed large in mobilizing Canadians around the Liberals,” Nik Nanos, a noted pollster and founder of Ottawa-based Nanos Research told me last night. “The Liberals were on their political deathbed in the opening of 2024. Under Mark Carney, they have formed another government.”
Here’s what business leaders should know about the new prime minister of Canada, where $2.5 billion in trade crosses the border every day.
Carney won on an anti-Trump platform. The former central banker entered the race to defend Canada against Trump’s tariffs and other threats, calling himself “useful in a crisis.” Although new to politics, he’s a familiar face in the corridors of power, having served as governor of both the Bank of Canada and the Bank of England. Faced with threats from the brash and boastful U.S. President, Canadians rejected a Trump-like candidate in favor of a more measured approach and a clear message that they won’t back down.
He understands the power of money. He’s talked about the structural risks of U.S. dollar dominance at Jackson Hole and understands the power of buying and selling U.S. Treasury Bonds, especially as a foreign holder of that debt.
He wants to diversify Canada’s trading relationships. When your closest ally is making enemies, there’s no better time to make friends. Along with having a close relationship with Britain, he has made moves to forge stronger ties with Europe and other regions.
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Contact CEO Daily via Diane Brady at diane.brady@fortune.com
