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| Canada 'will stand up to a bully', says PM contender Carney over Trump tariffs | Canada 'will stand up to a bully', says PM contender Carney over Trump tariffs |
| (32 minutes later) | |
| Watch: Canada will stand up to 'a bully', says Mark Carney | Watch: Canada will stand up to 'a bully', says Mark Carney |
| 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. | 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. |
| Speaking exclusively to BBC Newsnight, 59-year-old Carney said Canada will "match dollar for dollar the US tariffs". | Speaking exclusively to BBC Newsnight, 59-year-old Carney said Canada will "match dollar for dollar the US tariffs". |
| 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. | 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. |
| Carney, who announced his run for leader of Canada's governing Liberal Party in January, is the former governor of the Bank of Canada and the Bank of England. | Carney, who announced his run for leader of Canada's governing Liberal Party in January, is the former governor of the Bank of Canada and the Bank of England. |
| 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, external. | 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, external. |
| The leadership race will conclude on 9 March. | The leadership race will conclude on 9 March. |
| 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. | 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. |
| 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. | |
| In response to the tariff announcement, Carney told Newsnight that "President Trump probably thinks Canada will cave in". | In response to the tariff announcement, Carney told Newsnight that "President Trump probably thinks Canada will cave in". |
| "But we are going to stand up to a bully, we're not going to back down," he said. | "But we are going to stand up to a bully, we're not going to back down," he said. |
| "We're united and we will retaliate." | "We're united and we will retaliate." |
| The former Bank of England governor said the tariffs are "going to damage the US's reputation around the world". | The former Bank of England governor said the tariffs are "going to damage the US's reputation around the world". |
| "They're going to hit growth. They're going to move up inflation. They're going to raise interest rates," he said. | "They're going to hit growth. They're going to move up inflation. They're going to raise interest rates," he said. |
| 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". | 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". |
| In 2020, towards the end of Donald Trump's first term, the US-Mexico-Canada Agreement (UCMCA) came into effect - effectively an update to Nafta, the agreement between the three countries which had been in place since the 1990s. | In 2020, towards the end of Donald Trump's first term, the US-Mexico-Canada Agreement (UCMCA) came into effect - effectively an update to Nafta, the agreement between the three countries which had been in place since the 1990s. |
| Economists have suggested the newly imposed tariffs could have a devastating immediate impact on Canada's economy - while also leading to higher prices for Americans. | Economists have suggested the newly imposed tariffs could have a devastating immediate impact on Canada's economy - while also leading to higher prices for Americans. |
| Tariffs are a central part of Trump's economic vision. He sees them as a way of growing the US economy, protecting jobs and raising tax revenue. | Tariffs are a central part of Trump's economic vision. He sees them as a way of growing the US economy, protecting jobs and raising tax revenue. |
| Outgoing Prime Minister Trudeau has said Canada's response will be "forceful" and "immediate" to the new tariffs. | Outgoing Prime Minister Trudeau has said Canada's response will be "forceful" and "immediate" to the new tariffs. |
| Trump said on Friday that Canadian oil would be hit with lower tariffs of 10%, which would take effect later, on 18 February. | Trump said on Friday that Canadian oil would be hit with lower tariffs of 10%, which would take effect later, on 18 February. |
| The president also said he planned to impose tariffs on the European Union in the future, saying the bloc had not treated the US well. | The president also said he planned to impose tariffs on the European Union in the future, saying the bloc had not treated the US well. |
| Canada PM candidate Mark Carney on US tariffs | Canada PM candidate Mark Carney on US tariffs |
| Mark Carney, the front-runner to be the new Canadian PM, reacts to Donald Trump's tariff announcement. And, 5 years on from Brexit, are we happy or sad about it? | Mark Carney, the front-runner to be the new Canadian PM, reacts to Donald Trump's tariff announcement. And, 5 years on from Brexit, are we happy or sad about it? |