“Under the new Prime Minister, Canada remains committed to the fight against climate change,” says Wilkinson, referring to the newly elected prime minister Mark Carney. But “some elements of the climate plan probably have become a little tougher in the context of working with the Trump Administration.”

The former central bank chief takes over at what he has called a “time of great consequence” for Canada, with Trump attacking its sovereignty and economic security.

Trade war turmoil is weighing heavily on financial markets in Canada. Canada's main stock index has been tumbling along with U.S. indexes since President Donald Trump initiated a trade war with his North American neighbors.