Big Take – Weekend Listen: Mishal Husain Interviews Canadian PM Mark Carney
Podcast: Big Take (Bloomberg & iHeartPodcasts)
Host: Mishal Husain
Date: October 19, 2025
Guest: Mark Carney, Prime Minister of Canada
Overview
In this candid and wide-ranging conversation, Mishal Husain sits down with Mark Carney, former central banker and newly elected Canadian Prime Minister, to discuss how he’s navigating Canada through profound economic, geopolitical, and climate shifts. The episode explores Carney’s worldview, his government's domestic and foreign policy priorities—including trade with the U.S., the Ukraine war, and climate action—and the personal toll of transitioning from a career in finance to public office at a moment of global upheaval.
Major Discussion Themes
1. Canada in Crisis: Transition or Rupture?
[01:43, Mark Carney]:
“We’re in an economic crisis. This fundamental shift in the world, it’s not a transition, it’s a rupture. It’s big changes in a very short period of time. And I know from all my experience that in those situations you have to act big. You have to act bold.”
- Carney frames the current global context as not just a transition, but a rupture—requiring bold, decisive action.
- Major stressors include a disrupted relationship with the U.S., global trade volatility, and domestic divisions.
2. Personal Journey: From Banker to Prime Minister
Early Years & Motivation [04:44]:
- Carney recounts his family’s ethic of public service and his journey from the private sector to leading two G7 central banks.
- Felt compelled to step into politics as he saw the country’s direction at risk.
On Privacy and Career Change [06:06]:
- Carney misses his privacy but felt a duty to act.
3. Canada-U.S. Relations and Trade Strategies
Difficult U.S. Partner [09:24]:
- U.S. is no longer the reliable partner it once was; protectionism and tariffs from President Trump have hurt Canada's economy.
- The focus is on renegotiating the USMCA and making clear how intertwined Canadian and U.S. industries are, especially in autos and steel.
On Tariffs and Standing Up to the U.S. [12:02]:
- Carney defends his government’s record of imposing and strategically lifting retaliatory tariffs.
Quote [13:20, Carney]: “My responsibility is to get the best possible deal for Canada. We have the best deal in the world at this point.”
Canadian Agency [14:41]:
- Emphasizes building a “One Canadian Economy” to reduce vulnerability to U.S. pressure.
- Actively diversifying trading partners, highlighted by trips to London and efforts at new trade agreements.
4. Foreign Policy: Ukraine, Russia, and NATO
Support for Ukraine [20:04]:
- Canada is the largest per capita supporter of Ukraine.
- Acknowledges U.S. military support is vital for Ukraine, but Canada and Europe play key roles.
- Secure peace and postwar guarantees ultimately require some U.S. backstop.
On Russian Provocations [23:21]:
- When pressed about Russian jets in NATO airspace, Carney maintains:
“All options are on the table. Without question. There are ongoing consultations within NATO.”
Quote [24:02, Carney]: “President Trump has been very important in this process. He has given peace a chance, so to speak, with Russia... The president speaks for himself, but I think his patience is being exhausted, his line is hardening.”
5. Recognition of Palestine
Diplomatic Stance [26:02]:
- Carney explains Canada’s recognition of a Palestinian state is about preserving the possibility of a two-state solution.
- Asserts Canada would honor the International Criminal Court’s arrest warrant for Netanyahu if he came to Canada.
- [27:28, Husain]: “Does that stand under your leadership?”
- [27:31, Carney]: “Yes.”
6. Climate Policy: Pragmatism vs. Idealism
The “Tragedy of the Horizon” [27:48]:
- Husain plays back Carney’s own famous words about climate change and the need for long-term thinking.
- Husain challenges Carney’s recent reversal of the consumer carbon tax and vehicle mandates.
Carney’s Defense [28:39]:
- Says climate goals haven’t changed, but policies must reflect practical realities and maximize emissions reductions per taxpayer dollar.
- Major pivot to housing and building sectors: New homes built with 20% lower emissions.
On Oil and Gas Sector Emissions Cap [31:39]:
- Carney focuses on “dropping emissions” through technology (carbon capture & storage), not just policy declarations.
Quote [32:18, Carney]:
“We’re dropping emissions from the oil and gas sector. This is the point. This is about results. The climate cares about results, doesn’t care about a policy. A desired outcome is not a policy.”
Defending “Mark Carney 2025” to “Mark Carney 2020” [33:41]:
- Insists both his past and present selves would value the most effective use of public resources for emissions reduction.
7. Political Reality and Populism
Minority Government and Big Pledges [34:18]:
- Carney leads a minority government, admits fulfilling mandates will take time and continued voter approval.
- Reiterates the need for bold action during “rupture” points.
On Risks of Populism [35:58]:
- Warns populists “know how to run economies down,” but his strategy is inclusive, focusing on indigenous participation, partnership with unions, and building low-carbon industries.
Optimism and Expectations [37:08]:
- Carney is cautiously optimistic, betting on Canadians’ appetite for action and realism about the scale and timeline of needed transformation.
8. Personal Toll and Reflections
Prime Ministerial Life [38:01]:
- “There is no weekend, with the sole exception…you might be able to…go cross-country skiing or something.”
- Stresses the necessity of carving out time for strategic thinking amid relentless demands.
- Quote [38:54, Carney]:
“Part of the job is to create space to think … to be a leader, you need to know where you’re going … you have to resist some [demands] to preserve some, to chart the course.”
Notable Quotes & Memorable Moments
- “It’s not a transition, it’s a rupture.” (Mark Carney, [01:43])
- “We can give ourselves far more than the United States can take away.” (Mark Carney, [02:07])
- “All options are on the table. Without question.” (Mark Carney on defending NATO airspace, [23:21])
- “My role as Prime Minister is not about my reputation. My role as prime minister is about what’s in the best interest of Canada.” (Mark Carney, [31:06])
- “A desired outcome is not a policy.” (Mark Carney, [32:44])
- “Populists know how to talk about it, but they know how to run economies down.” (Mark Carney, [35:58])
Key Segment Timestamps
- Opening crisis framing: [01:43-02:15]
- Personal background, early career: [04:44-06:01]
- Trade and U.S. relations: [09:24-15:07]
- Learning from Trump / executive style: [15:09-17:24]
- Ukraine and NATO: [19:40-25:51]
- Palestinian state & ICC: [26:02-27:31]
- Climate policy & critique: [27:34-34:05]
- Political strategy & risk of populism: [34:18-37:08]
- Personal reflections as PM: [38:01-39:41]
Tone & Takeaways
The episode maintains a sober, urgent, and thoughtful tone—reflecting the gravity of the challenges Canada faces. Carney candidly addresses difficult policy trade-offs and his adaptation from campaign rhetoric to the compromises of leadership. Mishal Husain’s patient, probing style elicits both pragmatism and philosophical reflection from Carney, including his embrace of bold action during a period of rupture and his relentless, all-consuming schedule as head of government.
For listeners or readers seeking to understand the pressures bearing down on Canada (and its leader) in 2025, this episode is an essential, insightful window into the choices—and constraints—of leadership in an age of upheaval.