Mark Carney sworn in as Canada’s prime minister, announces new cabinet

Published 14/03/2025, 17:20
Mark Carney sworn in as Canada’s prime minister, announces new cabinet

Investing.com -- Mark Carney, the former central banker, was sworn in as the Prime Minister of Canada on Friday. The ceremony took place in Ottawa, with Governor General Mary Simon, the personal representative of King Charles, who is Canada’s head of state, present. The swearing-in puts Carney in a position to tackle potential tariffs from U.S. President Donald Trump, which could severely impact the trade-dependent Canadian economy.

After taking office, Carney, 59, announced a smaller cabinet than his predecessor, Justin Trudeau, in anticipation of the upcoming election expected to occur within weeks. Francois-Philippe Champagne has been appointed as Finance Minister, and Dominic LeBlanc has been moved to International Trade. Melanie Joly will continue as Foreign Minister, and David McGuinty will remain as Public Safety Minister.

In a statement made on the day of his swearing-in, Carney said, "Today, we’re building a government that meets the moment. Canadians expect action — and that’s what this team will deliver. A smaller, experienced cabinet that moves faster, secures our economy, and protects Canada’s future."

Carney, who has no prior elected political experience, was recently elected leader of Canada’s ruling Liberal Party, winning the leadership race with a decisive 85.9% of the vote.

The new Prime Minister has served as the governor of both the Bank of Canada and the Bank of England in the past. Despite his lack of direct political experience, his extensive economic background, including his credited role in navigating the 2008 financial crisis, has earned him widespread support.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.