08:55 AM EDT, 03/14/2025 (MT Newswires) -- Mark Carney will be officially sworn in as prime minister of Canada at 11 a.m. ET Friday, noted Scotiabank.

Among his first actions on the job will be to kill the carbon tax and then secure meetings with key international leaders, said the bank. Carney's reportedly off to Europe next week to build allegiances with the British and French against United States President Donald Trump's trade wars.

Scotiabank's economist firmly believes there is strength in numbers against Trump's worn playbook to divide everyone. Carney is reportedly going to speak with Trump in the coming days and "that should be good."

Advance indications leave little intrigue surrounding his cabinet appointees that will be confirmed later Friday, but the bank likes what it sees on balance in the advance indications from the standpoint of what they may say about economic policy.

It's smaller, for one thing, with a reported size in the 15-20 member range, down from the bloated 37 under outgoing PM Justin Trudeau.

The smaller size is perhaps/hopefully a hint at what may follow for the rest of the civil service. It's "bloated" by any indication, pointed out the bank. There are now 368,000 employees in the Federal civil service, which is about 43% higher than when Trudeau first became PM in 2015. Layering on the provinces would be even more explosive.

Some lightning rods have been moved aside or moved to different roles. Scotiabank added it likes the signal provided to the resources sector by moving Guilbeault out of environment. That paves the way for Carney to "immediately eliminate the divisive carbon tax" that he once supported and that was slated to soar again on April 1.

The Team Canada contingent that has been dealing with the trade file is largely intact. LeBlanc remains finance minister against rumors that another candidate may have been chosen. Joly remains in foreign affairs. Champagne remains at Innovation.

Former Deputy PM and Finance Minister Chrystia Freeland is reportedly going to head up transportation. Her work ethic and vast experience at finance and in trade negotiations are an asset to cabinet but moving ahead with a different finance leader opens Carney's options on fiscal policy as a departure from the past policy bias.

Reports indicate there won't be a Deputy PM.

Out is the immigration minister, Marc Miller. It was his predecessor, Sean Fraser, who led the dramatic rise of immigration to Canada before Miller took over in 2023, but distancing the portfolio from both of them is likely a signal toward a continued pivot on immigration policy after years of mismanagement, according to the bank.