TORONTO (AP) — Mark Carney, former central banker, is set to become Canada’s next prime minister following his election as the leader of the governing Liberal Party on Sunday. This transition comes at a crucial time as the country grapples with U.S. President Donald Trump’s trade war and annexation threats, with a federal election on the horizon. Carney, aged 59, will succeed Prime Minister Justin Trudeau, who announced his resignation in January but remains in office until the formal transfer of power in the coming days. Carney secured a decisive victory, capturing 85.9% of the party vote.
Addressing the pressing economic challenges, Carney expressed concerns over Trump’s actions, stating, “There is someone who is trying to weaken our economy.” He highlighted the unjustified tariffs imposed by the U.S. on Canadian goods and emphasized the need to stand firm against such measures. Carney affirmed that Canada will maintain retaliatory tariffs until the U.S. shows respect, asserting, “In trade, as in hockey, Canada will prevail.”
Known for his adept crisis management during his tenure at the Bank of Canada and as the first noncitizen to lead the Bank of England, Carney received bipartisan acclaim for his leadership post the 2008 financial crisis. The opposition Conservatives aimed to make the election a referendum on Trudeau’s governance, citing concerns over rising costs and immigration issues.
Amidst growing tensions with the U.S., Carney’s stance on protecting Canadian interests and values has resonated with the public, boosting the Liberal Party’s electoral prospects. As the nationalistic sentiment surges, Carney highlighted the differences between Canada and the U.S., emphasizing the importance of safeguarding Canadian identity and autonomy.
With a focus on navigating the challenges posed by the United States, Carney emphasized the need for unity and resilience in the face of external pressures. As trade tensions persist, Carney’s experience and expertise in economic matters are seen as crucial in safeguarding Canada’s interests on the global stage.
Carney’s transition to political leadership marks a significant shift for Canada, as the country prepares to confront complex economic and geopolitical challenges under his guidance.
A former executive at Goldman Sachs, he spent 13 years working in London, Tokyo, New York, and Toronto before being appointed as the deputy governor of the Bank of Canada in 2003. Another prominent candidate for the Liberal leadership was former Deputy Prime Minister Chrystia Freeland, who received just eight percent of the vote. In December, Trudeau informed Freeland that he no longer wanted her as the finance minister but offered her the position of deputy prime minister and the lead contact for U.S.-Canada relations. Shortly after this conversation, Freeland resigned, delivering a scathing letter criticizing the government, which turned out to be the final straw for Trudeau. Carney is anticipated to initiate an election soon, either by calling for one himself or through opposition parties in Parliament triggering a no-confidence vote later this month. Trudeau has called upon Liberal supporters to actively participate, stating, “This is a moment that will define our nation. Democracy, freedom, even Canada itself, are not guarantees.”
