Mark Carney is a newcomer to elected politics, with decades of experience in finance. After his landslide victory, he pledged to continue tariffs on the U.S. "until the Americans show us respect."

Former central banker Mark Carney was sworn in as Canada’s new prime minister on Friday, and will now try to steer his country through a trade war brought by U.S. President Donald Trump, annexation threats and an expected federal election.

Canadian Prime Minister Mark Carney told President Donald Trump Wednesday that his nation will retaliate against the United States with tariffs of its own if Trump presses forward with his promised levies – potentially escalating what is already developing into an ugly and damaging trade war.

The new levies on cars and light trucks will take effect on April 3, the day after Trump plans to announce reciprocal tariffs aimed at the countries responsible for the bulk of the U.S. trade deficit.