June 19, 2025
TORONTO (AP) — Former central banker Mark Carney will become Canada’s next prime minister after the governing Liberal Party elected him its leader Sunday as the country deals with U.S. President Donald Trump’s trade war and a federal election looms.
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 won in a landslide, winning 85.9% of the vote.
“There is someone who is trying to weaken our economy,” Carney said. “Donald Trump, as we know, has put unjustified tariffs on what we build, on what we sell, and how we make a living. He's attacking Canadian families, workers and businesses, and we cannot let him succeed, and we won't.”
Carney said Canada will keep retaliatory tariffs in place until “the Americans show us respect.”
“We didn’t ask for this fight. But Canadians are always ready when someone else drops the gloves,” Carney said. “The Americans, they should make no mistake, in trade, as in hockey, Canada will win."
Carney navigated crises when he was the head of the Bank of Canada and when, in 2013, he became the first non-citizen 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.
The opposition Conservatives hoped to make the election about Trudeau, whose popularity declined as food and housing prices rose and immigration surged.
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.
In 2020, he began serving as the United Nations’ special envoy for climate action and finance.
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.
The other top Liberal leadership candidate was former Deputy Prime Minister Chrystia Freeland, who received just eight percent 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 is expected to trigger an election shortly. Either he will call one, 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.
