The former central bank chief takes over at what he has called a “time of great consequence” for Canada, with Trump attacking its sovereignty and economic security.

Carney, 59, replaces Prime Minister Justin Trudeau, who announced his resignation in January but remained in power until the Liberal Party elected a new leader. Carney is widely expected to trigger a general election in the coming days or weeks.

To date, Trump’s tariffs have targeted Canadian goods that include steel, aluminum, energy and the auto industry. After threatening a 50% tariff early last week on the country’s steel and aluminum, he reduced it to 25% days later after Canada retaliated, then pushed to April 2 the full 50% tariff.

After a fresh wave of tariffs from the United States, Canada and the European Union said they would impose billions in levies on U.S. goods.

Canada will impose retaliatory tariffs on U.S. imported goods worth C$29.8 billion ($20 billion) effective on Thursday in response to U.S. President Donald Trump's steel and aluminum tariffs, Canada's Finance Minister Dominic LeBlanc said.