Trudeau Wins Seat Not Majority
On Monday, Canadian Prime Minister Justin Trudeau was re-elected to a third term after calling a vote 2 years early, hoping for approval of his free-spending response to the COVID-19 pandemic. Since 2019 he worked with a parliamentary minority, forced to make deals with other parties to push through legislation. On Tuesday after the election, Trudeau acknowledged that he would need to continue to work in the same manner after he fell short of winning a majority in parliamentary elections, leaving him once more dependent on opposition legislators to govern. Trudeau, in power since 2015, said he had a clear mandate to continue the path to recovery while conceding Canadians did not want to be thinking about politics or elections. It is not expected that the results will move markets substantially. The Canadian dollar was trading slightly higher at 1.2766 to the greenback, or 78.33 U.S. cents, in Asian trading.