- In today’s CEO Daily: Diane Brady has a cheat sheet on what to expect from new Canadian PM Mark Carney.
- The big story: It’s Trump’s 100th day in office.
- The markets: Eerie calm.
- Analyst notes from JPMorgan on Apple and tariffs, UBS on Trump and taxes, Goldman Sachs on equities, and Macquarie on Trump’s next 100 days.
- Plus: All the news and watercooler chat from Fortune.
Good morning. As Donald Trump hits his 100th day in office today, here’s one accomplishment he can clearly claim: swaying the outcome of Canada’s national election. “Trump loomed large in mobilizing Canadians around the Liberals,” Nik Nanos, a pollster and chief data scientist at Ottawa-based Nanos Research told me last night. “The Liberals were on their political deathbed in the opening of 2024. Under Mark Carney, they have formed another government.”
Here’s what business leaders should know about the new prime minister of Canada, where $2.5 billion in trade crosses the border every day.
Carney won on an anti-Trump platform. The former central banker entered the race to defend Canada against Trump’s tariffs and other threats, calling himself “useful in a crisis.” Although new to politics, he’s a familiar face in the corridors of power, having served as governor of both the Bank of Canada and the Bank of England. Faced with threats from the brash and boastful U.S. President, Canadians rejected a Trump-like candidate in favor of a more measured approach and a clear message that they won’t back down.
He understands the power of money. He’s talked about the structural risks of U.S. dollar dominance at Jackson Hole and understands the power of buying and selling U.S. Treasury Bonds, especially as a foreign holder of that debt.
He wants to diversify Canada’s trading relationships. When your closest ally is making enemies, there’s no better time to make friends. Along with having a close relationship with Britain, he has made moves to forge stronger ties with Europe and other regions.
He is committed to climate action and other causes not being discussed in Washington. A former U.N. special envoy for climate action and finance and the former head of impact investing at Brookfield Asset Management, Carney believes climate change is real and wants Canada to take the lead in developing green technologies.
He was combative in victory last night but is better known for his charm. “President Trump is trying to break us so that America can own us, that will never, ever happen,” he said in his victory speech. “We are over the shock of the American betrayal, we have to take care of each other.” But during his time as a central banker he was best-known as a smooth diplomatic operator who could forge relationships with anyone he needed to. In the long run, this is the version of Carney—not the fighter—that is likely to characterize his premiership.
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Contact CEO Daily via Diane Brady at diane.brady@fortune.com
This story was originally featured on Fortune.com
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