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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.
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