The incoming prime minister of Canada has previously helped manage two G-7 economies during times of crisis and is now tasked with navigating Canada through challenges such as a potential trade war initiated by U.S. President Donald Trump, the risk of annexation, and an anticipated federal election.
Former central banker Mark Carney will become prime minister after the governing Liberal Party elected him its leader Sunday in a landslide vote with 85.9% support.
Carney, 59, replaces Prime Minister Justin Trudeau, who announced his resignation in January but remains prime minister until his successor is sworn in in the coming days. Carney is widely expected to trigger an election in the coming days or weeks amid Trump's sweeping tariff threats.
Carney struck a defiant note against the United States, vowing to win Trump's trade war.
"We didn't ask for this fight. But Canadians are always ready when someone else drops the gloves," he told a boisterous crowd of party supporters in Ottawa.
"The Americans, they should make no mistake, in trade, as in hockey, Canada will win."
Carney said Canada will keep its initial retaliatory tariffs in place until "the Americans show us respect."
Carney has argued that his experience makes him the ideal counter to the U.S. president. He has portrayed himself as a seasoned economic crisis manager who led the Bank of Canada through the 2008-2009 financial crisis and the Bank of England (BoE) through the turbulence that followed the 2016 Brexit vote.
He was the head of the Bank of Canada and in 2013 became the first noncitizen to run the Bank of England since it was founded in 1694.
His appointment won bipartisan praise in the U.K. after Canada recovered from the 2008 financial crisis faster than many other countries. He helped manage the worst impacts of Brexit in the U.K.
The opposition Conservatives hoped to make the election about Trudeau, whose popularity declined as food and housing prices rose and immigration surged.
Trump's trade war and his talk of making Canada the 51st U.S. state have infuriated Canadians, who are booing the American anthem at NHL and NBA games. Some are canceling trips south of the border, and many are avoiding buying American goods when they can.
The surge in Canadian nationalism has bolstered the Liberal Party's chances in a parliamentary election expected within days or weeks, and Liberal showings have been improving in opinion polls.
"The Americans want our resources, our water, our land, our country. Think about it. If they succeed, they would destroy our way of life," Carney said. "In America, health care is big business. In Canada it is a right."
He campaigned on a promise to stand up to Trump, whom he accused of "attacking Canadian workers, families and businesses," adding: "We cannot let him succeed."
The U.S. president has repeatedly spoken about annexing Canada and thrown bilateral trade, the lifeblood of the Canadian economy, into chaos with dizzying tariff actions that have veered in various directions since he took office.
Delivering a farewell address, Trudeau said "Canadians face from our neighbor an existential challenge."
Carney said America is "a melting pot. Canada is mosaic," he said. "America is not Canada. And Canada will never, ever be a part of America in any way, shape or form."After decades of bilateral stability, the vote on Canada's next leader now is expected to focus on who is best equipped to deal with the United States.
"These are dark days, dark days brought on by a country we can no longer trust," Carney said. "We need to pull together in the tough days ahead."
Trump has postponed 25% tariffs on many goods from Canada and Mexico for a month, amid widespread fears of a broader trade war. But he has threatened other tariffs on steel, aluminum, dairy and other products.
Carney picked up one endorsement after another from Cabinet ministers and members of Parliament since declaring his candidacy in January. He is a highly educated economist with Wall Street experience who has long been interested in entering politics and becoming prime minister, but he lacks political experience.
Trudeau previously offered to make him finance minister. Carney has said former Conservative Prime Minister Stephen Harper also offered to make him finance minister.
Carney is a former Goldman Sachs executive. He worked for 13 years in London, Tokyo, New York and Toronto, before being appointed deputy governor of the Bank of Canada in 2003.
In 2020, he began serving as the United Nations' special envoy for climate action and finance.
The other top Liberal leadership candidate was former Deputy Prime Minister Chrystia Freeland, who received just 8% of the vote. Trudeau told Freeland in December that he no longer wanted her as finance minister, but that she could remain deputy prime minister and the point person for U.S.-Canada relations.
Freeland resigned shortly after, releasing a scathing letter about the government that proved to be the last straw for Trudeau.
Carney may not have the job for long.
Canada must hold elections by October but could well see a snap poll within weeks. Current polls put the opposition Conservatives as slight favorites.
Data released from the Angus Reid polling firm on Wednesday showed Canadians see Carney as the favorite choice to face off against Trump, potentially offering the Liberals a boost over the Conservatives.
Either Carney will call an election in the coming days or weeks, or the opposition parties in Parliament could force one with a no-confidence vote later this month.
Trudeau urged Liberals supporters to get involved.
"This is a nation-defining moment. Democracy is not a given. Freedom is not a given. Even Canada is not a given," Trudeau said.
