Mark Carney, former governor of both the Bank of Canada and the Bank of England, has been elected leader of Canada’s Liberal Party, positioning him to become the country’s next prime minister. Carney secured a decisive victory with 85.9% of the vote, succeeding Justin Trudeau, who announced his resignation in January amid declining approval ratings.

Carney assumes leadership during a period of heightened tensions with the United States. President Donald Trump recently imposed a 25% tariff on Canadian goods, excluding the automotive and energy sectors, escalating a trade dispute between the two nations.

In his victory speech, Carney addressed these challenges head-on, asserting Canada’s resolve to maintain its sovereignty and economic stability. He emphasized that Canada “will never ever be part of America in any way, shape or form,” and pledged to uphold retaliatory tariffs until the U.S. shows respect for Canada’s economic autonomy.

Carney’s extensive experience in global finance is expected to be instrumental in navigating the current economic landscape. His leadership marks a significant transition for the Liberal Party, which has seen a resurgence in public support amid rising Canadian nationalism in response to U.S. policies. While Carney is not currently a member of Parliament—a rarity for incoming prime ministers—he is anticipated to seek a federal seat promptly.

A general election must be held by October 20, 2025, but Carney may call for an earlier vote to capitalize on the Liberal Party’s renewed momentum. Polls indicate a tightening race between the Liberals and the opposition Conservatives, led by Pierre Poilievre. Carney’s ability to leverage his economic expertise and address the pressing trade issues with the U.S. will be critical in the forthcoming electoral contest.