Former central banker Mark Carney was elected leader of Canada’s Liberal Party, positioning him to become the country’s next prime minister and take on US President Donald Trump in an escalating trade dispute.
Carney, 59, won the party’s leadership race in a landslide, securing 85.9% of the vote on the first ballot to defeat three rivals, including former finance minister Chrystia Freeland. The victory comes as Canada braces for potential elections, which must be held by October but could be called within weeks.
A former governor of both the Bank of Canada and the Bank of England, Carney enters office with no previous experience in elected politics. He is expected to be sworn in as prime minister in the coming days and will lead a Liberal minority government in Parliament.
In his victory speech to cheering supporters in Ottawa, Carney vowed to defend Canada against what he called US trade aggression, promising a firm response to recent tariffs imposed by Washington.
“Donald Trump is attacking Canadian workers, families, and businesses,” Carney said. “We didn’t ask for this fight, but Canadians are always ready when someone else drops the gloves. In trade, as in hockey, Canada will win.”
The US imposed a 25% tariff on Canadian imports last week before partially walking it back. Canada responded with retaliatory measures, which Carney said would remain in place “until the Americans show us respect.”
The election of Carney marks a major shift for the Liberals following the resignation of Prime Minister Justin Trudeau in January after nearly a decade in office. Trudeau’s departure came amid mounting criticism over the cost of living and a national housing crisis.
The Liberal Party had trailed the opposition Conservatives by more than 20 points in polls at the start of the year, but the gap has narrowed significantly in recent weeks amid public backlash to Trump’s trade threats and rhetoric about annexing Canada.
The Conservatives, led by Pierre Poilievre, are now polling neck-and-neck with the Liberals. Carney used his victory speech to draw sharp contrasts between himself and Poilievre, accusing the Conservative leader of aligning too closely with Trump.
“Pierre Poilievre’s plan will leave us divided and ready to be conquered,” Carney said. “Because a person who worships at the altar of Donald Trump will kneel before him, not stand up to him.”
Carney has promised to steer the Liberals toward a more centrist agenda, pledging to cap the size of the federal government, invest in housing and clean energy, and expand interprovincial trade. He also backs major energy infrastructure projects, including pipelines, which faced hurdles under Trudeau’s tenure.
Carney, 59, was born in Canada’s Northwest Territories and raised in Alberta. He holds degrees from Harvard and Oxford and spent over a decade at Goldman Sachs before transitioning into central banking.
He played a key role in stabilizing Canada’s economy during the 2008 financial crisis and later managed economic challenges related to Brexit during his tenure at the Bank of England.
Despite his financial expertise, Carney’s lack of electoral experience has raised questions about his ability to navigate the political landscape. He has never held public office but previously served as an adviser to outgoing Prime Minister Justin Trudeau.
His leadership campaign focused on economic reforms, including controlling government spending, addressing housing affordability, and diversifying trade partnerships.
He has also proposed a temporary cap on immigration and emphasized the role of the private sector in tackling climate change.
