Former central banker Mark Carney has won the race to lead Canada’s ruling Liberal Party and will succeed Justin Trudeau as prime minister, official results showed on Sunday. His leadership begins at a critical time, with looming elections and rising trade tensions with the U.S.
Carney, 59, defeated former Finance Minister Chrystia Freeland in a leadership contest where over 150,000 party members cast their votes. His victory marks the first time a political outsider with no previous government role has become Canada’s prime minister.
A former governor of both the Bank of Canada and the Bank of England, Carney positioned himself as the best candidate to handle trade disputes with U.S. President Donald Trump, who is threatening additional tariffs on Canada’s economy.
During his campaign, Carney backed retaliatory tariffs against the U.S. and pushed for a stronger investment strategy to boost Canada’s economy, arguing that growth under Trudeau had been insufficient.
Trudeau announced his resignation in January after nine years in power, amid plummeting approval ratings. Carney, the frontrunner in the leadership race, secured the most endorsements and raised the most funds among four Liberal candidates.
His leadership has already boosted the Liberal Party’s momentum, as Trump’s tariff threats and jokes about annexing Canada have sparked national unity debates. A general election is expected soon, with Carney preparing to defend his new position.
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