Canadian Prime Minister Mark Carney unveiled his new economic team, keeping longtime politician François-Philippe Champagne as finance minister and placing former Goldman Sachs banker Timothy Hodgson in charge of energy and mining.

Carney’s new cabinet includes a mix of familiar names and political rookies to carry out his ambitious economic agenda.

The new government will have 29 ministers plus 10 junior “secretaries of state,” and it faces a heavy lift in the months ahead. Carney won the April 28 election by telling voters his government can win a tariff war with the US, remove internal trade barriers, boost the value of Canada’s energy and mineral resources and create stronger ties with trading partners in Europe and Asia.

The prime minister has said he doesn’t expect to simply accept the first deal offered by US President Donald Trump. Carney wants to negotiate a long-term solution to the trade conflict with its largest trading partner, but that may mean extensive talks to change the North American free trade pact that the US, Canada and Mexico signed during Trump’s first term.

To buy Canada time, Carney has pledged to boost the domestic economy to protect against the damage inflicted by US tariffs. His first steps are expected to be an income tax cut, a budget and a bill in Parliament that removes federal trade barriers on goods moving between provinces.

Carney, 60, also promised to build and approve major infrastructure and energy projects, with a focus on those “that will connect Canada, deepen our ties with the world and grow our economy for generations,” he told reporters shortly after the election.

Here’s a look at his economic team:

Finance Minister Francois-Philippe Champagne

Francois-Philippe Champagne, 54, will remain finance minister, a role Carney gave him just before calling the election. Previously, he had been Justin Trudeau’s industry minister, where he pledged billions in public subsidies to lure investments from foreign firms including Volkswagen AG.

The energetic minister, nicknamed Frankie Bubbles, also previously served as foreign affairs and trade minister under Trudeau. As a French speaker from Quebec, he helped Carney’s Liberal Party to its best election result in the province in decades — earning the sort of good will that’s rarely forgotten in politics. Prior to his political career, Champagne worked as an executive in the consulting and engineering business.

Natural Resources Minister Timothy Hodgson

Tim Hodgson enters cabinet with a long record in the finance sector that sometimes overlapped with Carney’s career. He spent about 20 years at Goldman Sachs Group Inc., eventually running its Canadian operations from 2005 to 2010.

He then left to become a special adviser at the Bank of Canada while Carney was its governor. Most recently, Hodgson was chair of the board of Ontario electrical utility Hydro One and served on numerous other boards, including the Canadian Investment Regulatory Organization and the Ontario Teachers’ Pension Plan. He entered politics as a Liberal candidate and won a seat in a Toronto suburb.

Dominic LeBlanc, Minister of Canada-US Trade

Dominic LeBlanc, 57, is an east-coast politician who was a key lieutenant to Trudeau on tricky files. LeBlanc rotated through various roles in Trudeau’s cabinet but was especially relied upon to negotiate with political opponents. At first, those were provincial leaders in Canada, many of whom were conservatives and staunchly opposed to policies coming from Ottawa.

Following Trump’s reelection in 2024, LeBlanc was elevated to a major role in managing US relations and became Canada’s key interlocutor on tariffs with US Commerce Secretary Howard Lutnick. Carney’s decision to keep LeBlanc as trade minister means he’ll stay on that crucial task. Maninder Sidhu, who was elected in a key Toronto-area district, gets responsibility for other international trade matters.

Industry Minister Melanie Joly

Melanie Joly, 46, became Trudeau’s longest-serving foreign affairs minister, holding the role for more than three years after the 2021 election. She attempted to orient Canada’s foreign policy more toward Asia and the Arctic, expanding the scope beyond the usual focus on the US and western Europe.

Domestically she’s also a key organizer in Quebec. As industry minister, she will be in charge of trying to lure new investment to Canada and increase its share of global trade, as well as regulation of industries such as telecommunications.

Transport and Internal Trade Minister Chrystia Freeland

Chrystia Freeland, 56, was Trudeau’s most trusted lieutenant — until she wasn’t. She served as his trade minister, foreign affairs minister and finance minister, before delivering the final blow to his leadership with a stinging resignation letter in December. She ran against Carney for the Liberal leadership but finished a distant second.

The former journalist and Rhodes scholar is a long-time friend of Carney’s — he is the godfather to her son — and his decision to keep her in cabinet may reflect his respect for her. Still, he avoided putting her in a US-facing role, as Trump harbors a grudge from her time leading the Canadian negotiations of the US-Mexico-Canada Agreement during his first term.

Foreign Affairs Minister Anita Anand

Anita Anand is a former law professor who specialized in investor rights, capital markets and corporate governance who was thrust into the spotlight during the Covid-19 pandemic as Trudeau’s procurement minister — responsible for obtaining life-saving vaccines. She also served as his defense minister during the first year of the war in Ukraine and as Treasury Board president as he tried to trim government spending.

Housing Minister Gregor Robertson

Gregor Robertson is a newly elected federal member of Parliament who was previously mayor of Vancouver from 2008 through 2018. He oversaw the 2010 Winter Olympics in the city and was a strong proponent of environmental initiatives.

As housing minister, he will oversee Carney’s plan to create a government agency that will act as a developer of affordable homes, including on public lands.