Ex-central banker Mark Carney will be formally sworn in as prime minister of Canada on Friday, putting him in a position to fight tariffs from U.S. President Donald Trump that could devastate the trade-dependent Canadian economy.

As Mark Carney prepares to be sworn in as Prime Minister Friday morning, he is expected to bring in a new and smaller cabinet.

Political analysts and Liberal Party members expect Carney to call a national election shortly after taking power, to take advantage of polling momentum that suggests the governing Liberals and the Conservative Party are in a statistical tie.