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Economic Times
14-05-2025
- Business
- Economic Times
Dominic LeBlanc, Carney's solution to Trump's tariff war; Canada-US trade minister's family, salary, and net worth
Reuters Canada's Prime Minister Mark Carney shakes hands with Dominic LeBlanc, after he is sworn in as President of the King's Privy Council for Canada and Minister responsible for Canada-U.S. Trade, Intergovernmental Affairs and One Canadian Economy A vocal critic of US President Donald Trump as Canada-US trade minister is Prime Minister Mark Carney's answer to the trade war between the two North American neighbours. Carney unveiled his new Cabinet on Tuesday (May 13), appointing New Brunswick lawmaker Dominic LeBlanc as the Canada-US trade minister. LeBlanc's biggest challenge is no different from his counterparts across the globe - dealing with US President Donald Trump's who was the country's finance minister from mid-December 2024 till April 2025 before the federal election, had described Trump's move as "vandalizing" the economic relationship between the two nations after the tariffs started to take response to the US administration's imposition of tariffs on Canadian steel and aluminum, LeBlanc had in April advocated for a strong stance against the US. His solution was to implement reciprocal tariffs on a range of US goods, aiming to protect Canadian industries and assert the country's economic sovereignty. He has maintained open lines of communication with US officials, including Commerce Secretary Howard Lutnick, to seek constructive solutions despite the tensions and emphasized the importance of diplomacy and collaboration, stating that while Canada will stand firm against unfair trade practices, it remains committed to finding mutually beneficial resolutions to the ongoing said the Canadian government's 'number one objective' is to get rid of the Trump administration's punitive tariffs and to build economic partnerships with other countries. After the announcement, he posted on X and said, 'Thank you, Prime Minister @MarkJCarney for entrusting me with the role of President of the King's Privy Council for Canada and Minister responsible for Canada-US Trade, Intergovernmental Affairs, and One Canadian Economy. I am eager to build Canada Strong together.'He is the son of former Governor General Roméo LeBlanc and Joslyn 'Lyn' Carter and was born in Ottawa on December 14, 1967. A lawyer by training, he has represented New Brunswick's Beauséjour riding since 2000 and, in 2003, married Jolène Richard, a former Moncton lawyer who became a judge on the Provincial Court of New Brunswick; the couple lives in Moncton and has an adult public office holders in Canada do not disclose a lump‑sum net worth, LeBlanc's official remuneration is transparent. His net worth and details of assets are not of April 1, 2025, a backbench MP's base salary rose to CAD 211,000, and Cabinet ministers, of which LeBlanc is one, collect roughly CAD 311,500 annually, including ministerial LeBlanc's leadership, Canada–US trade relations are poised to change, with the tariff war likely to see a lot less punches. Due to his long‑standing rapport with key US figures and his new 'One Canadian Economy' agenda, LeBlanc will press for phased tariff relief, combining WTO challenges with targeted exemptions, while accelerating the diversification of Canadian trade toward Europe and Asia. His appointment has drawn mixed reactions. The Canadian Chamber of Commerce hailed the move as 'smart, tough and experienced,' while opposition Conservatives criticized the inclusion of several Trudeau‑era ministers, 14 in total, as evidence of 'more of the same' when real change is Minister Carney introduced a trimmed-down Cabinet of 28 ministers and 10 secretaries of state, down from 39, tasked with tackling punitive U.S. tariffs and forging a 'one Canadian economy' by removing internal trade barriers by July 1. Carney stressed that 'our workers and businesses continue to face the unfair tariffs imposed by the United States. My government will fight for Canadians.' 'Canada has what the world needs, and we defend the values that the world respects,' he added.
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First Post
14-05-2025
- Politics
- First Post
Anita Anand: Is Carney controlling damage Trudeau did to India-Canada ties?
Anita Anand's return to frontline politics signals Carney's plan to reset foreign policy while retaining experienced leaders. Known for her competence, Anand previously served as defence minister and oversaw pandemic procurement read more Anita Anand swears in as Canada's Minister of Foreign Affairs, during a cabinet shuffle at Rideau Hall, in Ottawa, Ontario, Canada. Reuters Canada Prime Minister Mark Carney, newly elected after the controversial tenure of Justin Trudeau, has appointed Anita Anand, a seasoned politician of Indian origin, as the country's new foreign minister in a sweeping Cabinet overhaul. Anand replaces Melanie Joly at a time when Canada's relationship with India remains at its lowest ebb following a series of diplomatic crises under former Prime Minister Justin Trudeau. The diplomatic row between India and Canada erupted in September 2023 after Trudeau alleged Indian government involvement in the killing of Hardeep Singh Nijjar, a Canadian citizen and Sikh separatist leader. Both countries expelled diplomats, suspended consular services, and issued travel advisories. The situation escalated further in October 2024, with Canada expelling six Indian diplomats and India responding in kind, deepening the standoff. STORY CONTINUES BELOW THIS AD Anand's appointment: Damage control or new direction? Anita Anand's return to frontline politics-after previously announcing plans to step away-signals Carney's intent to reset foreign policy while retaining experienced hands. Anand, who has served as defence minister and managed Canada's pandemic procurement, brings a reputation for competence and crisis management. Her Indian heritage is seen as a potential asset in mending ties with New Delhi, though expectations remain cautious given the entrenched mistrust between the two nations. India's External Affairs Minister S Jaishankar congratulated Anand in a post on microblogging site X on her appointment as his Canadian counterpart. Congratulate @AnitaAnandMP on your appointment as Canada's Minister of Foreign Affairs. 🇮🇳 🇨🇦 — Dr. S. Jaishankar (@DrSJaishankar) May 14, 2025 Carney's decision to appoint Anand is being seen as an effort to demonstrate a break from Trudeau's approach, while leveraging Anand's diplomatic skills and personal background to signal goodwill towards India. This assumes greater significance against the backdrop that Anand had recently indicated her intention to retire from politics. Convincing her for unretirement, for the role as Canada's top diplomat appears to be a fresh direction that Carney looks to give to India-Canada ties. There will be challenges for Anand Anand assumes office as Canada faces not only the India dispute but also shifting global alliances and trade tensions with the United States. Her ability to navigate these complexities and restore dialogue with India will be closely watched, especially as both countries weigh the costs of prolonged estrangement. STORY CONTINUES BELOW THIS AD While Mark Carney's decision to appoint Anita Anand as foreign minister is seen by some as an attempt to repair the damage inflicted under Trudeau, the path to normalising India-Canada relations remains fraught. This comes amid Canada's strained ties with the Trump administration, something that helped Carney lead his Liberal Party to victory in the recently held parliamentary election.
Economic Times
30-04-2025
- Business
- Economic Times
Out of the frying pan and into the fire: Carney stares at shrinking GDP
Reuters Canada's Prime Minister Mark Carney walks into his office after the Liberal Party staged a major political comeback to retain power in parliamentary elections, in Ottawa, Ontario, Canada April 29, 2025. REUTERS/Jennifer Gauthier The latest economic data from Statistics Canada paints a nuanced picture for Prime Minister Mark Carney as he settles into his new role. While the dust is yet to settle on the closely contested Canada federal election, the Liberal Party leader is staring at the GDP data which is not at all January saw a promising 0.4 per cent growth in Canada's GDP, February witnessed a 0.2 per cent decline, with 12 of 20 industrial sectors contracting. This economic hiccup underscores the multifaceted challenges Carney must confront, extending beyond the looming shadow of Donald Trump's trade policies and the pressing domestic crises in housing and February downturn was primarily driven by a 0.6 per cent decrease in goods-producing industries, with the mining, quarrying, and oil and gas extraction sector experiencing the most significant drop of 2.5 per cent. Service-producing industries also saw a slight dip of 0.1 per cent. While manufacturing offered a bright spot with a 0.6 per cent rise, and finance and insurance continued their upward trend, the overall contraction signals potential headwinds for sustained economic recovery. Early indicators suggest a potential rebound in March, with Statistics Canada predicting a 0.1 per cent increase in real unpredictable nature of Canada's economic relationship with the United States, heavily reliant on exports, adds another layer of complexity. "There are no easy outs," cautions University of Toronto economist Peter Morrow, emphasizing the deep economic ties that necessitate a delicate balancing act between protecting national interests and maintaining crucial trade the housing crisis demands immediate and large-scale intervention. Data from the Canada Mortgage and Housing Corporation (CMHC) reveals the staggering scale of the problem: an additional 3.5 million homes need to be built over the next five years just to restore affordability to 2000 levels, requiring a doubling of the current construction rate. Simultaneously, the healthcare system is buckling under chronic personnel shortages, leaving many Canadians without access to family doctors and essential Carney navigates this intricate web of challenges, the latest GDP figures serve as a crucial reminder that economic growth must be a central pillar of his agenda, alongside addressing trade vulnerabilities, the housing emergency, and the healthcare crisis. His government will be under pressure to implement policies that not only shield Canada from external economic shocks but also reignite domestic growth across various sectors to ensure long-term prosperity for a recent GDP dip of 0.2% in February, Prime Minister Carney faces pressure to prioritize economic growth alongside trade uncertainties, a severe housing crisis requiring 3.5 million new homes, and a strained healthcare system. While early March data suggests a slight rebound, Carney must implement comprehensive strategies to ensure sustained economic recovery and address deep-rooted domestic issues.
Economic Times
29-04-2025
- Business
- Economic Times
Mark Carney's Liberals secure victory amid Trump threats in Canadian elections
Reuters Canada's Prime Minister Mark Carney speaks during a meet and greet event at Sea Cider Farm & Ciderhouse in Saanichton, British Columbia, Canada April 28, 2025. REUTERS/Carlos Osorio Prime Minister Mark Carney's Liberal Party won Canada's federal election on Monday, turning around a weak campaign amid a wave of nationalist sentiment provoked by U.S. President Donald Trump's annexation Canadian Broadcasting Corporation reported that the Liberals would secure more seats in Parliament's 343-seat House than the opposition Conservatives, though it remained unclear if they would achieve an outright majority to govern independently. The outcome marked a stunning reversal for the Liberals, who until recently appeared headed for Interference Reshaped the CampaignThe election was effectively reshaped when President Trump, in a series of online posts, attacked Canada's economy and questioned its sovereignty, suggesting it should join the U.S. as the 51st state. Trump wrote on election day: 'It makes no sense unless Canada is a State!' His comments infuriated voters across Canada. In response, Conservative leader Pierre Poilievre posted: 'President Trump, stay out of our election. The only people who will decide the future of Canada are Canadians at the ballot box. Canada will always be proud, sovereign and independent and we will NEVER be the 51st state.' The Liberals seized the moment. Prime Minister Carney warned, 'The Americans want to break us so they can own us. Those aren't just words. That's what's at risk.'A New Prime Minister and a New BattleMark Carney, a former Bank of Canada and Bank of England governor, rose to the leadership of the Liberal Party following the resignation of former Prime Minister Justin Trudeau. Trudeau had seen his popularity fall sharply during his final years in office amid rising living costs and immigration steady hand on economic matters, and his warnings about threats to Canada's sovereignty, helped the Liberals galvanise support. He urged voters: 'President Trump has some obsessive ideas, and that is one. It's not a joke. It's his very strong desire to make this happen. It's one of the reasons why this crisis is so serious.'Nationalism Surge After Trump's ThreatsPrior to Trump's intervention, Conservative leader Poilievre had positioned the election as a referendum on the unpopular Trudeau legacy. However, Trump's second-term victory in the U.S. and renewed threats against Canada upended the political aggressive rhetoric, including threats of sweeping tariffs and attacks on Canadian manufacturing, pushed many Canadians towards the Liberals. Record numbers — 7.3 million voters — cast their ballots early, a sign of the heightened emotions and historian Robert Bothwell noted that Poilievre's campaign bore uncomfortable similarities to Trump's. 'He appeals to the same sense of grievance,' Bothwell said. 'It's like Trump standing there saying, 'I am your retribution.'' He added bluntly: 'The Liberals ought to pay him. Trump talking is not good for the Conservatives.'Cost of Living, Trade Fears Remain Looming IssuesDespite the election result, major challenges loom. Canada's deep trade ties with the U.S. — more than 75% of its exports head south — mean that any new tariffs could inflict severe economic Carney and Poilievre had promised to pursue swift renegotiations of the Canada-U.S. free trade deal to secure economic stability. But only Carney now holds the mandate to pursue that past experience managing financial crises may prove vital as Canada braces for potential shocks. His leadership at the Bank of Canada and later at the Bank of England during turbulent times earned him an international reputation for steady Respond to the MomentOn election day, Poilievre and his wife walked hand-in-hand to cast their votes in Ottawa, calling on Canadians to 'Get out to vote for a change.'In Mississauga, sisters Laiqa and Mahira Shoaib reflected the divided mood. Laiqa, a healthcare worker, voted for the New Democratic Party, while Mahira, a bank employee, supported the Conservatives. 'He is business-minded, and that's what we need right now,' Mahira said of Liberal voter Reid Warren captured the sentiment that pushed many back to the governing party. 'Poilievre sounds like mini-Trump to me," he said. On the U.S. president's tariff threats, Warren added, "Canadians coming together from, you know, all the shade being thrown from the States is great, but it's definitely created some turmoil, that's for sure.'A Test of Sovereignty and ResolveThe campaign was briefly disrupted by a deadly attack at a Vancouver street fair over the weekend, later determined not to be terrorism-related. Nevertheless, it underscored the tense national atmosphere as Canadians weighed questions of security, sovereignty, and economic policy had not played such a central role in a Canadian election since 1988, when free trade with the U.S. was the defining time, though, the stakes were starker: not just trade or tariffs, but the very idea of Canada's voters made their choice clear.(With inputs from AP)
Economic Times
26-04-2025
- Politics
- Economic Times
"Not now, maybe later": Carney's cautious approach to electoral reform sparks debate
Live Events Reuters Canada's Prime Minister Mark Carney delivers a speech at a rally in Fanshawe College during his Liberal Party election campaign tour in London, Ontario, Canada April 25, 2025. REUTERS/Carlos Osorio (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Liberal Leader Mark Carney , speaking to reporters on Friday, expressed openness to revisiting electoral reform in the future, but stressed that it's not a priority in the current political climate. He also sought to differentiate himself from his predecessor, Justin Trudeau , stating he would not "tip the scales" if he were to pursue reform.'Government is about making priorities and given the scale of the economic crisis that we're facing, the security crisis we're facing, our commitment to supporting Canadians through a range of social programs… Candidly, it is not in the platform,' Carney stated in Sault Ste. Marie, effectively placing electoral reform on the back burner for the time words, while pragmatic to some, have reignited the long-simmering debate about Canada's electoral system , a debate that has seen broken promises and deep divisions.'I think… a prime minister should be neutral on these issues, so that a process — if a process is developed — that they are objective and not to be seen to tip the scales in one direction or another,' Carney said. 'I think that… looking back on what happened previously, that probably is part of what stalled progress on it,' he shadow of Trudeau's broken promise looms large over this issue. His 2015 pledge to make that election the last under the first-past-the-post system ultimately crumbled, leaving many voters feeling subsequent all-party committee report, recommending a switch to proportional representation via referendum, revealed deep divisions among the the Conservatives and Bloc Québécois signed off on the report, the NDP and Greens, while agreeing with the conclusion, questioned the need for a Liberals, meanwhile, released a supplementary report suggesting Trudeau's self-imposed 2019 deadline was too "rushed."Ultimately, Trudeau abandoned his promise, citing a lack of consensus. 'A clear preference for a new electoral system, let alone a consensus, has not emerged,' he wrote in a mandate letter in February 2017. He later admitted his preference for a ranked ballot, stating he "never flinched in (his) desire for ranked ballots' and that he opposed proportional representation because it would benefit fringe his resignation speech, Trudeau expressed regret for not moving forward with reform. 'I do wish that we'd been able to change the way we elect our governments in this country so that people could choose a second choice or a third choice on the same ballot,' he said.'Parties would spend more time trying to be people's second or third choices and people would be looking for things they have in common rather than trying to polarize and divide Canadians against each other.'Carney, while acknowledging the potential for future reform, emphasized the current priorities.'There may be a point' where a re-elected Liberal government may have advanced on 'other immediate, pressing priorities' like Canada's relationship with the U.S. and that 'those more structural issues in our democracy could be addressed.'In French, he reiterated that he is 'open' to the idea but that now is not the moment to engage in the process.
