Ladder of Escalation.

The greatest downhill racer.

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“News Items? Can’t do my job without it.” — Jim Cramer.

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1. Mark Carney won the race to become Canada’s next prime minister, putting the former central banker in charge of the country just as US President Donald Trump’s administration threatens its economic future. The ex-Bank of Canada and Bank of England governor won the contest to lead the Liberal Party of Canada with nearly 86% of the vote. The transfer of power from Justin Trudeau to Carney is expected to take place within days, and it’s possible he will call a national election soon after. (Source: bloomberg.com)

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2. Bloomberg:

In the span of three days in the past week, Trump imposed 25% levies on most Canadian and Mexican goods, then promised a one-month delay on those that comply with the North American trade agreement, then threatened major new tariffs against Canadian lumber and dairy. Howard Lutnick, the US commerce secretary, signaled on Sunday that he expects 25% tariffs on US imports of steel and aluminum to go ahead on March 12.

Canada is heavily dependent on trade with the US, and Trump has expressed a desire to use “economic force” to make Canada the 51st state. His actions have sparked patriotic fury in the northern nation, with consumers boycotting American products and demanding that governments turn their attention to finding new trading partners. Trudeau has said Trump’s threats against Canadian sovereignty should be taken seriously.

“America is not Canada. And Canada never, ever, will be part of America in any way, shape or form,” Carney said in his victory speech yesterday. (Source: bloomberg.com)

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3. The Guardian:

(Mr. Carney) will also be the first Liberal prime minister from western Canada, a valuable identity in a country that is politically divided along geographical lines.