Mark Carney has secured a landslide victory to become Canada’s next prime minister, replacing Justin Trudeau. In his first major statement, he has committed to winning the ongoing trade war with U.S. President Donald Trump, vowing to impose retaliatory tariffs on American goods until, in his words, “Americans show us respect.”
Meanwhile, Ontario Premier Doug Ford has announced plans to impose retaliatory electricity tariffs on the U.S. He is set to discuss these measures in a live address, emphasizing that Canada will take firm action in response to U.S. economic pressures.
Canada to Launch Advertising Campaign in U.S.
Ford addressed questions regarding a marketing and advertising campaign in the U.S., stating, “We need to inform the American people.” He emphasized the importance of delivering a strong message to Americans, calling them Canada’s “greatest allies in the fight against these tariffs.”
Tariff Impact Will ‘Reverberate’ Across U.S., Says Energy Minister
Stephen Lecce, Minister of Energy and Electrification, highlighted Canada’s role as a major power exporter to the U.S., stating, “They need our power.” He explained that the objective is to “maximize pressure on America and minimize the impacts on Ontario.” Lecce warned that the repercussions of these tariffs will “reverberate” across the U.S., affecting states that rely on and profit from reselling Canadian power.
Ford: Tariffs Could Add $100 to U.S. Utility Bills
Ford outlined the potential consequences of Ontario’s countermeasures, estimating that 1.5 million homes and businesses in Minnesota, Michigan, and New York would be affected. According to Ford, these states could face a surcharge of up to $400,000 per day, potentially increasing bills for American consumers by approximately $100.
While acknowledging the difficulties this would create, Ford stated he “will not hesitate” to raise the charge further or even halt electricity exports entirely. However, he also expressed regret for the impact on American citizens, stating, “I feel terrible for the American people who did not start this trade war.”
‘We Will Apply Maximum Pressure,’ Says Ford
Ford described the situation as an escalating conflict, noting that President Trump is now targeting steel and aluminum with additional tariffs. He asserted that these trade policies are detrimental to families on both sides of the border and affirmed Ontario’s determination to resist. “We will apply maximum pressure to maximize leverage,” he stated, confirming that Ontario will proceed with a 25% surcharge on electricity exports.
Ford Congratulates Carney, Praises His Leadership
Doug Ford, in his public remarks, congratulated Mark Carney on his victory, expressing optimism about the country’s new leadership. He emphasized the need for decisive action, stating, “It’s never been more important to build big things.” Ford also took a moment to thank Justin Trudeau for his service to the country.
‘Every Tool in the Toolbox’ Will Be Used in Response to U.S. Tariffs
Stephen Lecce, addressing the media, stated that Ontario has been a critical energy supplier to the U.S. for years, helping to “keep the lights on” in American homes, factories, and farms. However, he made it clear that Canada would not stand by idly. “When under attack, we will use every tool in the toolbox,” he declared.
Ontario’s Retaliatory Tariffs to Be Unveiled Soon
Ford is scheduled to present a detailed plan for retaliatory tariffs against the U.S., reinforcing his stance from last week, when he warned that Canada could cut off electricity supplies if President Trump’s tariff policies persisted. Around 1.5 million Americans in Michigan, New York, and Minnesota rely on electricity imported from Canada.
Ford’s statements align with his recent post on X, in which he congratulated Carney and declared, “Together, let’s unleash the Canadian economy and make our country more secure by building big, bold projects—starting with the Ring of Fire.”
U.S. Stock Markets React to Trump’s Tariff Strategy
As U.S. markets opened for trading, investor concerns over Trump’s economic policies intensified. Fears of increased costs, business uncertainty, and economic disruption have contributed to a market downturn.
The S&P 500 dropped by approximately 1.7%, while the Dow Jones Industrial Average declined by 0.7%. The tech-heavy Nasdaq took the biggest hit, falling by 2.8%. The market turbulence comes as optimism about artificial intelligence-driven growth fades and fears of a recession rise, particularly after Trump declined to rule out an economic downturn.
The Meaning Behind Canada’s ‘Elbows Up’ Slogan
In his farewell address, Justin Trudeau drew loud applause when he declared, “Elbows up!” The phrase has gained traction as a rallying cry against Trump’s tariff threats and his recent suggestion that Canada could become the 51st U.S. state.
Canadian actor Mike Myers recently echoed the phrase on Saturday Night Live, mouthing the words while pointing to his elbow. The slogan originates from ice hockey, symbolizing readiness to fight back—a sentiment many Canadians now embrace in response to Trump’s trade policies.
Ford Calls Carney’s Leadership Critical Amid Tariff Conflict
Shortly after Carney’s landslide victory in the Liberal leadership race, Doug Ford extended his congratulations, describing the moment as pivotal. “Your election comes at a critical time as our country continues to stare down the ongoing threat of President Trump’s tariffs,” Ford stated.
The Ontario Premier is expected to further elaborate on his plan to impose a 25% surcharge on electricity exports to Michigan, New York, and Minnesota. He has also indicated that, if necessary, he may completely cut off power exports to these states.
What’s Next?
As Canada undergoes a significant political transition, here’s a summary of recent developments and upcoming steps:
- Mark Carney’s Victory: The former Bank of England governor won 85.9% of the vote in the Liberal leadership race and will be sworn in as prime minister in the coming days.
- Justin Trudeau’s Departure: Trudeau must formally resign before Carney can take office. He will remain in position until he meets with Governor General Mary Simon.
- Upcoming Election: A general election must take place by October 20, but it is widely expected to be called sooner.
- Carney’s First Address: In his victory speech, Carney declared, “Americans should make no mistake… in trade, as in hockey, Canada will win.”
- International Reactions: UK Prime Minister Keir Starmer and French President Emmanuel Macron have extended their congratulations to Carney, signaling strong international support for Canada’s new leadership.
Carney’s Background: A Banker Turned Prime Minister
Mark Carney, Canada’s 24th prime minister, has an extensive background in economics and finance.
- Early Life: Born in Fort Smith, Northwest Territories, Carney grew up in a politically engaged family, with his father once running as a Liberal candidate in Edmonton-South.
- Education: He studied at Harvard University on a scholarship and later earned a PhD in economics from Oxford University.
- Career in Banking: Carney served as governor of both the Bank of Canada and the Bank of England.
- Political Entry: Despite previous dismissals of a political career—once joking, “Why don’t I become a circus clown?”—Carney’s expertise in financial crises has now positioned him as Canada’s leader during a tense economic standoff with the U.S.
- International Influence: He has participated in G20 meetings alongside Trump and chaired the Financial Stability Board. Recalling a past encounter, he remarked, “Trump only respects power… Good luck with that” when discussing efforts to appease the former U.S. president.
Liberal Party Gathers Momentum for Snap Election
Following months of poor polling, Liberals now sense an opportunity for a political resurgence. Carney’s resounding victory—securing more votes than Trudeau did in 2013—has energized the party.
“There’s no sense that we should delay,” said David McGuinty, the federal public safety minister. “I’m really, really excited for what’s coming. And frankly, it’s time for an election.”
Although no official date has been set for the transfer of power from Trudeau to Carney, political insiders anticipate a swift transition, with an election announcement likely to follow shortly after.
As Canada braces for a new chapter under Carney’s leadership, the nation prepares for an intensified trade battle with the U.S., setting the stage for one of the most consequential political and economic showdowns in recent history.