The leader of the Conservative Party has made significant criticisms that have influenced the Liberal Party's direction under Carney's leadership. Carney, the new Liberal leader, has been steering the party towards a more centrist stance by moving away from some of the unpopular policies previously implemented by Trudeau. Carney has made changes such as cancelling a planned increase in the capital gains tax inclusion rate and eliminating the consumer carbon tax on various fossil fuels.
The Conservative leader, Poilievre, views the Liberals' sudden focus on the economy skeptically, highlighting the party's failure in the past decade to expedite mining and resource projects and instead hindering them, while relying on increased immigration for economic growth. Poilievre has promised to reduce taxes and regulations, which he deems harmful, especially in light of the US tariffs, seeing them as detrimental to the economy.
Carney, the former central bank governor, quickly rose to the top political position in Canada after being selected as the new Liberal leader to replace Trudeau. Recent polls show Carney's party slightly leading the Conservatives, a remarkable shift from earlier in the year when the Conservatives held a substantial advantage.
An election call is anticipated to be announced by Carney on Sunday, with polling day expected to be either on April 28 or May 5.
Carney stated on Friday that it's a time for taking risks and implementing changes at an unprecedented pace to address national issues. He emphasized the need to remove barriers to cross-country trade and speed up the approval process for energy projects.
Regardless of the election outcome, the economic strategy of the Trudeau era, which centered on government expansion, higher taxes on upper-income earners, and rapid population growth, is approaching its end.
Both Carney and Poilievre aim to convince Canadians that they are best suited to safeguard the country from Trump's threats of using economic measures against Canada.
Key economic issues that are expected to define the election include trade tensions with the US, boosting productivity, housing prices, and government spending. Both leaders have put forth plans to address these challenges and stimulate economic growth, while also considering Canada's national security and international trade relationships.