Former central banker Mark Carney won the race to become the leader of Canada’s ruling Liberal Party and will succeed Justin Trudeau as prime minister, according to official results released on Sunday.
Carney takes over at a challenging time for Canada, which is in the midst of a trade war with its longtime ally, the United States under President Donald Trump, and is set to hold a general election soon.
Carney, 59, secured 86% of the vote to defeat former Finance Minister Chrystia Freeland in a contest with just under 152,000 party members participating.
“There’s someone who’s trying to weaken our economy,” Carney said of Trump, drawing loud boos from the party crowd. “He’s attacking Canadian workers, families, and businesses. We can’t let him succeed.”
“This won’t be business as usual,” Carney declared. “We will have to do things that we haven’t imagined before, at speeds we didn’t think possible.”
Trudeau announced in January that he would step down after more than nine years in power, as his approval rating dropped, prompting the Liberal Party to quickly organize a leadership race.
“Make no mistake, this is a nation-defining moment. Democracy is not a given. Freedom is not a given. Even Canada is not a given,” Trudeau stated.
Carney, a political newcomer, argued that his experience as the first person to serve as the governor of two G7 central banks—Canada and England—made him the ideal candidate to handle trade negotiations with Trump, who is threatening further tariffs that could harm Canada’s export-dependent economy.
Trudeau imposed C$30 billion in retaliatory tariffs on the U.S. in response to Trump’s tariffs on Canada.
“My government will keep our tariffs on until the Americans show us respect,” Carney said.
Carney’s win marks the first time an outsider with no real political background has become Canadian prime minister. He believes his experience gives him an edge in dealing with Trump.
The combination of a fresh start for the Liberal Party under Carney, Trump’s tariffs, and his repeated taunts about annexing Canada as the 51st U.S. state sparked a dramatic revival of Liberal fortunes.
By the start of 2025, the Liberal Party, which trailed by more than 20 points, was statistically tied with the official opposition Conservatives, led by career politician Pierre Poilievre, in several polls.
At a protest outside Canada’s Parliament in Ottawa on Sunday, dozens of Canadians held signs opposing Trump, without referencing domestic politics.
“There is a rallying-around-the-flag moment that we would never have predicted a year ago,” said University of British Columbia politics professor Richard Johnston. “I think it’s probably true as we speak that the Liberals have been saved from oblivion.”
However, polls show neither the Liberals nor Conservatives are likely to form a majority government. An election must take place by October 20.
Two Liberal Party sources revealed that Carney plans to call an election in the coming weeks, which could occur much sooner.
Carney can serve as prime minister without a seat in the House of Commons, but tradition dictates that he will seek to win one as soon as possible.
The Liberals recently compared Conservative leader Poilievre to Trump in an advertisement, while Poilievre intensified his attacks on Carney on Sunday.
