Canada’s Liberal Party elected Mark Carney as its new leader Sunday, positioning him to succeed Justin Trudeau as prime minister.
Carney, a former central banker, won in a landslide, taking 86% of the vote in a race to lead Liberals into the country’s federal election in October. He is also tasked with confronting President Donald Trump, who has imposed steep tariffs on Canadian imports amid an ongoing trade dispute across North America.
“Now, Donald Trump is trying to weaken our economy. But there’s someone else who, if he succeeds, will weaken our economy. It’s Pierre Poilievre,” Carney said at his victory speech in Ottawa. “Pierre Poilievre just doesn’t get it. He is the type of lifelong politician — and I’ve seen this type around the world — a lifelong politician who worships at the altar of the free market despite never having made a payroll himself.”
His remarks set the stage for a high-stakes battle with Conservative leader Pierre Poilievre, who has led in the polls ahead of October but now faces a reinvigorated Liberal Party, according to CBC News polling. While Poilievre has tried to distance himself from Trump amid his tariffs and annexation rhetoric, Carney worked to link the two together, casting his Conservative rival as a right-wing populist whose policies would weaken Canada’s position in an increasingly hostile global economy.
Carney, who has never held elected office, built his career primarily in investment banking and financial regulation. He worked at Goldman Sachs for over a decade before pivoting to public service. Former Conservative Prime Minister Stephen Harper appointed Carney to lead the Bank of Canada in 2008, with his tenure being most notable for overlapping Great Recession. Carney later became in governor of the Bank of England in 2013, overseeing British central banking during Brexit and the initial stages of the COVID-19 pandemic.
Carney has been vocal on climate issues while serving as the United Nations special envoy on climate change and finance. He emphasized that net zero policies represent a “clear goal” for the financial sector and highlighted the importance of “finding the opportunities to advance that and to be rewarded by it” in a 2021 UN interview.
“Pierre Poilievre’s plan will leave us divided and ready to be conquered,” Carney continued. “Because a person who worships at the altar of Donald Trump will kneel before him, not stand up to him.”
Trump’s 25% tariff on most Canadian imports, with a reduced 10% rate on crude oil an energy products, took effect Tuesday. China also announced new tariffs against Canada on Friday, including a 100% tariff on Canadian rapeseed oil, pork and other food products, according to The New York Times.
“Our economy has become so weak that President Trump unjustifiably and wrongly threatens us with tariffs and worse,” Poilievre said at his ‘Canada First’ rally Sunday. “My friends, we will not put up with this any longer. Canada needs change. Common sense Conservatives will bring that change and put Canada first.”
Trudeau’s political downfall was years in the making, driven by declining public trust, economic woes and mounting political missteps. After leading the Liberals to a sweeping victory in 2015, Trudeau’s popularity steadily eroded amid blackface scandals and rising costs of living, while his draconian handling of the Freedom Convoy protests in 2022 further alienated a segment of the electorate.
His final months as prime minister were marked by internal party strife and a collapsing approval rating. Facing growing discontent within the Liberal Party, Trudeau announced in January that he would step down as leader ahead of the next election. His departure was hastened by the sudden resignation of Deputy Prime Minister Chrystia Freeland, who had long been seen as a potential successor. Trudeau’s exit paved the way for Carney, a fresh but untested figure, to attempt to salvage the party’s future.
It remains uncertain when Trudeau will resign and when Carney will formally assume the role of prime minister.
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