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Mark Carney, the frontrunner to be the next Canadian prime minister, has said his country is “going to stand up to a bully” after US President Donald Trump announced tariffs of 25% on Canada.<\/p>\n
Speaking exclusively to BBC Newsnight<\/a>, 59-year-old Carney said Canada will “match dollar for dollar the US tariffs”. <\/p>\n As well as levying a 25% tariff on Canadian imports on Saturday, the White House has announced tariffs of 25% on Mexico and 10% on China.<\/p>\n Carney, who announced his run for leader<\/a> of Canada’s governing Liberal Party in January, is the former governor of the Bank of Canada and the Bank of England.<\/p>\n<\/div>\n He is currently one of five candidates in the running to succeed Prime Minister Justin Trudeau – and has so far secured the largest support base among Liberal MPs<\/a>. <\/p>\n The leadership race will conclude on 9 March. <\/p>\n The winner will replace Trudeau – who announced his intention to resign in January after nine years in office – both as prime minister and party leader. <\/p>\n Canada is then required to hold a federal election to elect a new government on or before 20 October, with the Liberal party currently trailing their Conservative rivals in the polls. <\/p>\n In response to the tariff announcement, Carney told Newsnight that “President Trump probably thinks Canada will cave in”.<\/p>\n “But we are going to stand up to a bully, we’re not going to back down,” he said.<\/p>\n “We’re united and we will retaliate.” <\/p>\n The former Bank of England governor said the tariffs are “going to damage the US’s reputation around the world”. <\/p>\n “They’re going to hit growth. They’re going to move up inflation. They’re going to raise interest rates,” he said. <\/p>\n He added that it’s the “second time” in less than a decade that the US has “in effect, ripped up a trade agreement with its closest trading partner”.<\/p>\n