Former banker Mark Carney wins race to become Canada's next PM

Former central bank governor Mark Carney has won the leadership race of Canada's ruling Liberal Party, with official results showing he will succeed Justin Trudeau as Prime Minister. Mr. Carney's victory marks a new chapter in Canadian politics.

Mr. Carney takes office as Canada faces a trade war with its long-time ally, the United States, amid a volatile situation and an upcoming election. The challenges he faces are significant, requiring a swift stabilization of the domestic situation.

The 59-year-old candidate secured 86% of the vote, defeating former Finance Minister Chrystia Freeland. Nearly 152,000 Liberal Party members participated in the vote, demonstrating Mr. Carney's strong support within the party.

After more than nine years in power, Mr. Trudeau announced his resignation in January, citing a sharp decline in his approval ratings, forcing the ruling Liberal Party to quickly hold an election to find a successor. Mr. Carney, a political novice, believes he is best suited to revitalize the Liberal Party and oversee trade negotiations with U.S. President Donald Trump. Trump has threatened to impose additional tariffs, which could severely damage Canada's export-dependent economy.

Mr. Carney stated, "Someone is trying to undermine our economy. As we know, Donald Trump is imposing unreasonable tariffs on the products we make, sell, and depend on for our livelihood. He is attacking Canadian families, workers, and businesses, and we cannot let him succeed, and we will not let him succeed." Mr. Carney also emphasized that Canada will maintain retaliatory tariffs until "the Americans show us respect."

Mr. Carney successfully navigated multiple crises during his tenure as Governor of the Bank of Canada. In 2013, he became the first non-British citizen to serve as Governor of the Bank of England since its establishment in 1694. His appointment won bipartisan praise in Britain after Canada recovered from the 2008 financial crisis faster than many other countries.

In early 2025, the Liberal Party's support lagged behind by more than 20 percentage points, but current polls show the party is now roughly tied with the official opposition Conservative Party, led by career politician Pierre Poilievre. Richard Johnston, a political science professor at the University of British Columbia, stated that there is now a genuine "rally-around-the-flag moment," which is "something we couldn't have predicted a year ago." He believes that "for the moment, the Liberal Party may have been saved from extinction."

After decades of bilateral stability, this year's election is expected to focus on who is best equipped to handle relations with the United States. Polls show that neither the Liberal Party nor the Conservative Party is likely to form a majority government. The election must be held before October 20. Liberal Party sources say Mr. Carney may announce an early election in the coming weeks. Mr. Carney can legally serve as Prime Minister without a seat in the House of Commons, but traditionally, he should seek to win a seat as soon as possible.

The Liberal Party has recently attempted to compare Conservative leader Poilievre to Trump in its advertising. Meanwhile, Mr. Poilievre also intensified his attacks on Mr. Carney on Sunday. Canada's political landscape is undergoing profound changes, and the future direction is attracting widespread attention.