Carney, a former Goldman Sachs executive with no experience in politics, becomes Canada's 24th prime minister.

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. Mexico's main stock index has remained relatively steady following measures from the Mexican government to stabilize financial markets.

“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.”