Former central banker Mark Carney has won the leadership of Canada’s ruling Liberal Party and will succeed Justin Trudeau as prime minister, official results confirmed on Sunday. Carney, 59, secured an overwhelming victory with 86% of the votes, defeating former Finance Minister Chrystia Freeland in a contest that saw nearly 152,000 party members participate.

Carney will assume leadership at a challenging time, as Canada faces escalating trade tensions with the United States under President Donald Trump. The new leader wasted no time in addressing the issue, directly criticizing Trump for policies he claims are harmful to the Canadian economy. “There’s someone who’s trying to weaken our economy,” Carney said, prompting loud boos from the party gathering. “He’s attacking Canadian workers, families, and businesses. We can’t let him succeed.”

In his victory speech, Carney promised a shift in governance, stating, “This won’t be business as usual. We will have to do things that we haven’t imagined before, at speeds we didn’t think possible.”

Justin Trudeau announced in January that he would step down after more than nine years in power, following a significant decline in his approval ratings. Speaking at the party gathering, Trudeau emphasized the significance of the moment: “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.”

Carney, a political newcomer, argued that his experience leading two G7 central banks—Canada and England—made him the best candidate to navigate the country through trade negotiations with Trump. The U.S. president has threatened additional tariffs that could severely impact Canada’s export-driven economy. In response, Trudeau’s government had already imposed C$30 billion in retaliatory tariffs. Carney signaled a firm stance on the issue: “My government will keep our tariffs on until the Americans show us respect.”

Carney’s election marks a historic moment, as he becomes the first Canadian prime minister without prior legislative or cabinet experience. Despite not holding a seat in the House of Commons, he can legally serve as prime minister but is expected to seek election to Parliament soon.

An election must be held by October 20, and sources within the Liberal Party indicate that Carney could call one even sooner. Polls suggest that neither the Liberals nor the opposition Conservatives, led by Pierre Poilievre, are in a position to form a majority government.

The campaign is already heating up, with the Liberals comparing Poilievre to Trump in advertisements, while Poilievre has intensified his attacks on Carney. The new prime minister’s focus will be on defending Canada against U.S. tariffs while also seeking to diversify trade relations in the long term.

Born in Fort Smith, Northwest Territories, Carney attended Harvard University, where he played as a goalkeeper in college-level ice hockey. He began his professional career with 13 years at Goldman Sachs before moving into public service.

Carney first joined the Bank of Canada in 2003 as deputy governor, briefly left for a finance ministry role, and returned in 2008 as governor at just 42 years old. His leadership during the global financial crisis earned widespread praise, as he introduced emergency loan measures and provided clear economic guidance.

His expertise led to his historic appointment as the first foreign governor of the Bank of England in 2013. During his tenure, Carney faced economic challenges including Brexit, where he warned of financial risks associated with leaving the European Union. His outspokenness on the issue earned him criticism from Brexit supporters, with one Conservative lawmaker dubbing him the “high priest of Project Fear.” Nonetheless, Carney’s crisis management skills were recognized, particularly in stabilizing financial markets following the 2016 Brexit referendum.

After leaving the Bank of England in 2020, Carney became a United Nations special envoy on finance and climate change. He spearheaded the Glasgow Financial Alliance for Net Zero in 2021, rallying financial institutions toward reducing emissions. However, the initiative faced political pushback, particularly from U.S. Republican-led states, leading some companies to withdraw.

Carney’s transition into politics was not without controversy. His ties to Brookfield Asset Management came under scrutiny when the Conservatives revealed a letter he wrote in December 2024 recommending the company’s headquarters move from Canada to the U.S. Despite stepping down from Brookfield and resigning from his U.N. role in January to run for Liberal leadership, Carney admitted to political inexperience when confronted about the issue. “Sometimes I answer questions that go into details when I should keep it at a higher level. That’s part of the problem with not being a politician,” he told reporters.

With Carney now at the helm, Canada enters a new political chapter marked by economic uncertainty and an impending election. His leadership will be tested as he navigates trade disputes with the U.S., political opposition at home, and efforts to revive Liberal Party fortunes after Trudeau’s tenure. As he prepares to take office, Carney’s ability to transition from financial expert to national leader will be closely watched in the weeks and months ahead.